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Nock finances in good shape, says parastatal chief

By | November 6th 2010

By Morris Aron


The first petroleum import by National Oil Corporation of Kenya (Nock)— since the importation of petroleum products quota allocation regulations came into effect -— will arrive in the country in slightly under a fortnight.

At the same time, Nock has clarified that its finances — coming from the sales of oil consignments — are in good shape to handle its commitments in as far as its day to day service delivery and obligations are concerned.

"After lengthy and detailed preparations, the corporation embarked on its duty to fulfill this mandate aimed at stabilising the prices of petroleum products for Kenyan consumers," said Sumayya Athmani-Hassan, Nock’s acting managing director.

"We anticipate that our first consignment will arrive in the country between November 18 and 21."

In June, Nock was granted a 30 per cent quota to import crude and diesel products through a gazetted amendment on import regulations.

Pump prices

The confirmation that the deliveries are underway and that its finance are in order will go along way in cooling down recent concerns over pump prices and the ability of Nock to handle its new mandate.

Financial record indicate that in the financial year ended 30th June 2010, Nock registered a turnover of Sh22 billion, up from Sh15 billion the preceding year--representing a 46 per cent growth in its turnover.

The trading profit also increased from Sh239 million to Sh417 million in the same period, a 74 per cent appreciation.


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