Kenya renewed a memorandum of understanding to buy crude oil from Iran, though the East African nation hasn’t committed to receive any shipments, Energy Ministry Permanent Secretary Patrick Nyoike said.
Kenya, East Africa’s biggest economy, needs to invest $500 million by 2014 to upgrade and expand its electricity grid to reduce power cuts, said Patrick Nyoike , permanent secretary in the energy ministry.
Ping An Insurance (Group) Co. , China’s second-largest insurer, is diversifying into property and private equity and increasing its holdings in Chinese stocks to boost investment performance after its worst year since 2005.
Five independent power-producer projects in Kenya, with a combined capacity of 600 megawatts, have been delayed for “more than a year”, Mines and Energy Ministry Permanent Secretary Patrick Nyoike said.
Kenya Petroleum Refineries Ltd. , the East African nation’s sole fuel processor, hired an engineering consultant to carry out design work on its proposed $899 million upgrade, the Energy Ministry said.