× Digital News Videos Health & Science Opinion Education Columnists Lifestyle Cartoons Moi Cabinets Kibaki Cabinets Arts & Culture Podcasts E-Paper Tributes Lifestyle & Entertainment Nairobian Entertainment Eve Woman TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Nock finances in good shape, says parastatal chief

CARTOON
By | November 6th 2010

By Morris Aron

STANDARD REPORTER

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.

 

Share this story

;