Mumbai: Essar Group-controlled Essar Energy Overseas Ltd on Friday said it will sell its 50% stake in Kenya Petroleum Refineries Ltd (KPRL) to the government of Kenya as part of an effort to monetise non-core assets.
This transaction marks Essar Energy’s complete exit from KPRL, which operates a 4 million tonne oil refinery in Mombasa, Kenya.
The two entities, along with Essar Energy Holdings Ltd, have entered into an agreement on the transfer of shares, Essar Energy said in a statement.
Essar Energy became a shareholder in KPRL in July 2009 through the acquisition of shares from Shell Petroleum Co. Ltd, BP Plc. and Chevron Global Energy Inc.
KPRL will now be 100% owned by the government of Kenya.