Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Total Kenya Plummets and Heads for 10-Year Low: Nairobi Mover

March 23 (Bloomberg) -- Total Kenya Ltd. headed for its lowest level in almost a decade amid delays in a plan to improve processing efficiency at the country’s sole refinery in Mombasa.

The stock retreated for a fifth day, declining 7.3 percent to 14.05 shillings by 12:48 p.m. in the Kenyan capital, Nairobi. A close at that level would be the weakest since July 2002.

Kenya Petroleum Refineries Ltd., jointly owned by Essar Energy Plc and the government, has delayed until July a plan to convert the facility into a “merchant refinery,” the country’s Prime Minister, Raila Odinga, said on March 21.

At present, oil marketing companies import crude and the law requires a portion of fuel must be processed at KPRL.

Under the new arrangement, the refinery will source the shipments, refine them, and sell fuel directly to distributors, easing concerns of fuel marketers over processing losses because of operating inefficiencies.

This marks the second delay since January, Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.

“The postponement is negative because the changes are supposed to bring improvements at the refinery, which is quite inefficient,” Musau said.

In Kenya, Total competes with KenolKobil, a fuel retailer with operations in nine African countries.

Kenya imports all of the crude consumed in East Africa’s largest economy.

To contact the reporter on this story: Sarah McGregor in Nairobi at

To contact the editor responsible for this story: Andrew J. Barden at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.