Private investor emerges ready to buy Kenya Pipeline Company after RUTO put it up for sale – Look!

Wednesday, November 29, 2023 – Barely three days after President William Ruto’s administration put up some government agencies for sale, a private investor has emerged ready to buy Kenya Pipeline Company (KPC) which is on the list of those to be sold.

The Kenya Motorists Association (KMA) expressed interest in buying the state-owned Kenya Pipeline Company (KPC) which is estimated to have an asset base of Ksh130 billion.

In a statement, KMA Chairperson Peter Murima stated that collectively, members will raise the funds to meet the government’s valuation of KPC.

“Motorists should be able to do Harambee, we are doing calculations to see how much it would cost us to buy Kenya Pipeline,” Murima stated.

The Chairperson noted that the company is strategic, especially for the transportation industry.

The body stated buying the company would be beneficial for Kenyan commuters as it would stop private investors from acquiring and turning the parastatal into a cash cow at the expense of public interest.

Murima states that the distribution of fuel from Kipevu, Mombasa to all parts of the country largely depends on KPC and the government is making a huge mistake by planning to sell the company to private investors.

“As an Association, with the best interests of the consumers, it will remain quasi-public,” KMA submitted.

He further revealed that if members raise enough funds, the association will also bid to buy National Oil Corporation (NOC) and Kenya Vehicle Manufacturers Limited. 

The announcement by KMA was made the same day that Azimio Leader Raila Odinga warned that privatising KPC would lead to increased fuel prices. 

The Kenyan DAILY POST