Kenya, Norway to ink deal on petroleum management
10 September 2014, 08:10
Nairobi - Kenya and Norway are set to sign an agreement on the management of petroleum resources, which will enable 22 Norwegian firms to invest in Kenya after having identified projects and opportunities, a Norwegian envoy said on Tuesday.
Norway's newly-appointed Ambassador to Kenya Victor Conrad Ronneberg said Norway was happy that the east African nation had shown interest in how it manages its oil and gas resources.
Also read: Kenya, Uganda could produce 500,000 barrels a day
"We are considering a long-term agreement with Kenya's Ministry of Energy and Petroleum on the effective and socially responsible management of petroleum resources," he said in Nairobi after presenting his credentials to Kenyan President Uhuru Kenyatta.
Kenya has a huge mineral potential but its exploration efforts have only picked in the last five years with the awarding of commercial licences in prospecting for oil, gold, coal, geothermal and rare earth.
The deal is expected to be inked by the Kenya Investment Authority and the Norwegian Government Agency for Trade and Investment Promotion, Innovation.
For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!