Essar officials said they are still negotiating with the Kenyan government so that they can invest in the project. "We have not yet received any official communication from the Kenyan government on this. We are still in the race," an Essar official reiterated.
Informed sources told Business Standard that after the acquisition, the Libyan company, Tamoil, will decide whether Essar should be given a part of the stake or not.
In January this year, Essar Energy Overseas Ltd, a subsidiary of Essar Oil, had signed a memorandum of understanding with the Kenyan government to pick up 50 per cent in Kenya Petroleum Refineries Ltd from Shell, Chevron and BP Africa Ltd. The Kenyan government held the rest of the stake and the crucial right of first refusal.
Essar had planned to invest $450 million in the Kenyan refinery
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