12 April 2017

Kenya Seeks Cheaper Oil From Saudi Arabia

Nairobi — Kenya is in talks with Saudi Arabia to explore the possibility of importing cheaper crude oil from the gulf nation.

This was discussed during a meeting between President Uhuru Kenyatta and the visiting delegation from Saudi Arabia, on Wednesday at Sate House Nairobi.

Kenya is also hoping to export cattle and beef products to the middle-east oil-rich nation.

A delegation of over 30 top Saudi investors led by Saudi Arabia's Commerce and Investment Minister Majed Bin Abdulla Alqassabi expressed their growing appetite to invest in the country, noting the improved business environment created by President Uhuru Kenyatta's administration.

"We have taken deliberate efforts to create a conducive environment for foreign and domestic investment to thrive side by side. We urge you to take advantage of the huge opportunities that we have created, key among them being infrastructure projects," the President said.

President Kenyatta welcomed the Saudi business people to set shop in Kenya, assuring them of his administration's commitment to facilitate the smooth operation of their companies.

He acknowledged the significant growth of trade between the two countries but emphasized the need for Saudi investors to make Kenya their investment destination of choice to bridge the balance of trade that is currently tilted in favour of the Arabian Peninsula State.

Kenya's exports to Saudi Arabia include tea, coffee, vegetables, textile materials, fruits, nuts and beef among others while major imports include oil, molasses, chemical products and paper.

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