 "IOC, BPCL, HPCL eye Rs 60k-cr refinery")
Low-cost, integrated energy company Essar Energy Overseas Limited (Essar Energy) announced its stake sell worth 50 per cent in Kenya Petroleum Refineries Ltd (KPRL) to the Government of Kenya (GoK).
The two entities along with Essar Energy Holdings Limited have entered into an agreement on the transfer of shares.
This transaction marks Essar Energy's complete exit from KPRL.
KPRL operates a four million tonne oil refinery in Mombasa, Kenya, and is consistent with Essar's overarching goal of monetizing non-core assets to focus on value creation in its core businesses.
Essar Energy became a shareholder in KPRL in July 2009 through the acquisition of shares from Shell Petroleum Company Limited, BP plc and Chevron Global Energy, Inc. KPRL will now be 100 percent held by GoK.
