Kenya Signs Oil Deals with UAE And Saudi Arabia

Kenya has signed deals with UAE’s ADNOC and Saudi Aramco for the supply of petroleum products with a six months credit period.

The energy minister said the move is designed to curb demand for dollars that has weakened the local currency.

The deals were signed on Friday, Energy Minister Davis Chirchir told a news conference after the two firms were picked from seven bidders.

Foreign currency traders have cast doubt on the ability of the plan to stem the pressure on the shilling currency, saying it merely amounts to a postponement of demand.

The plan is also being challenged by some private petitioners at the High Court.

Report says the court is expected to give its initial directions on the case on Tuesday.

REUTERS/Christopher Ojilere