StanChart to Advise on Kenyan Refinery Upgrade, Daily Reports
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Standard Chartered Plc was appointed by Kenya Petroleum Refineries Ltd. to advise on a 65 billion-shilling ($784 million) upgrade to the Changamwe oil refinery, Business Daily reported, citing the Energy Ministry.
Standard Chartered will raise 75 percent of the debt needed to fund the revamp, while the rest would be provided by shareholders, the Nairobi-based newspaper said. The upgrade will enable the facility to process all types of crude, including the waxy type produced in neighboring Uganda, it said.