Kenya buys Essar Energy out of troubled refinery for Sh500m

They came and saw but failed to conquer. And after seven years with a 50 per cent stake in barely an idle asset, Essar Energy Overseas Limited has abandoned Kenya Petroleum Refinery (KPR).

Finance cabinet secretary Henry Rotich share light moments with Esser energy oversees limited Directors Sushil Baid(left) and Narendra Vachharajani(center) signing ceremony for the completion of a transaction that saw Esser energy oversees limited exit the Kenya petroleum refineries limited through selling their entire 50% shareholding to the government of Kenya. 24/06/2016. Photo by WILLIS AWANDU

Friday, the company, a subsidiary of Essar Oil Limited, pocketed $5 million (Sh508.9 million) from the National Treasury to bring to an end the deal once hyped as its first refinery acquisition outside of India.