[PHOTO: FILE/STANDARD]The expected refining of Kenya’s crude oil at Kenya Oil Refineries is a game changer for several reasons. Tanzania and Uganda’s celebrations at having pulled a fast one on Kenya by building a crude oil pipeline to Tanga port could well prove no more than a pyrrhic victory. Second, refining its own oil shields the country from the effects of the volatile oil market whose capriciousness has almost bankrupted some oil producing countries in Africa and South America. In the light of the expected local refining of crude oil, a case could be made for the country to go full blast and build a petro-chemical industry. Third, the local refining of crude oil signals the Government’s determination to add-value to the exports of the country’s raw products.

Source: Standard Digital August 19, 2016 21:22 UTC