President William Ruto has announced that the planned Sh2 trillion East Africa Oil Refinery in Lamu will be an open and transparent investment, with Kenyans allowed to buy shares through the Nairobi Securities Exchange. The refinery, expected to process crude from Kenya and other regional sources, will supply refined petroleum products to markets in East Africa and beyond. Ruto made the announcement during his development tour of the Coast, ahead of the planned groundbreaking ceremony for the refinery in Lamu.
The President emphasized that the refinery investment will not be reserved for a few individuals, but will be open to ordinary Kenyans. He said the government will take a stake in the refinery and encourage Kenyans to become shareholders. Ruto's administration aims to facilitate investments through incentives rather than imposing conditions and demands that could drive investors away. This approach, he argued, will help Kenya attract more foreign direct investment.
Ruto criticized past practices where unnecessary demands and conditions were placed on investors, leading to the loss of potential investments. He cited the example of a crude oil pipeline and a cement investment by Nigerian businessman Aliko Dangote, which Kenya lost due to such practices. The President warned that his administration will not allow efforts to frustrate major projects, including the Lamu refinery.
The President also accused unnamed individuals of publicly supporting the refinery while secretly taking steps to challenge the project in court. He alleged that these individuals were behind court cases challenging the investment and warned that his administration would not tolerate such actions. Ruto emphasized that the refinery's shareholding will be transparent and accessible through the Nairobi Securities Exchange.
To ensure that ordinary Kenyans can participate in the investment, the government will educate them on how to buy shares. Ruto argued that share ownership should not be restricted to experienced investors and that even small investors will have the opportunity to become shareholders. The government will facilitate the process, enabling Kenyans to own shares in the refinery.
The Lamu refinery is a significant investment for Kenya, with an estimated cost of Sh2 trillion. The project is expected to have a positive impact on the country's economy and create new opportunities for Kenyans. Ruto's announcement has generated interest among Kenyans, who are eager to learn more about the investment opportunity.
The court has recently declined to stop the Lamu refinery launch, paving the way for the project's implementation. With the government's commitment to transparency and inclusivity, Kenyans are optimistic about the project's potential to drive economic growth and development.
Key points
- Kenyans can buy shares in the Sh2 trillion Lamu refinery through the Nairobi Securities Exchange.
