Economy Kenya seals deal for cheaper Saudi fuelA National Oil branded petrol station. This is through a government-to-government deal that will see the State-owned Saudi Aramco supply Nock with refined fuel at ‘exclusively’ lower prices than the global costs of crude. Saudi Aramco will arrange the financing of the commodity with financiers in Dubai in a deal that will unlock cheaper credit to Nock for buying and shipping in Super, diesel and kerosene. Saudi Aramco is owned by the Saudi government and is the biggest oil company in the world with a huge presence in Asia, European and North American markets. Nock, formed to stabilise and influence fuel prices, has largely been forced to follow the dictates of the market controlled by private players.

Source: The North Africa Journal June 28, 2022 07:45 UTC