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PapaFritzon Apr 28, 2015 1:21pm
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Multinationals Eye Energy Ventures in Kenya:
Multinationals Eye Energy Ventures in Kenya: Multinationals Eye Energy Ventures In Kenya
NAIROBI, April 28 (BERNAMA-NNN- KBC) -- Kenya is fast becoming a centrE for renewable energy as well as oil and gas in Africa with several multinational companies lining up investment proposals.
As Kenya prepares to begin producing and exporting oil in two years' time, most of these companies are interested in both upstream and downstream business.
On Monday, oil and gas companies from around the world converged in Nairobi to discuss challenges and opportunities facing the sector in this country.
The meeting was taking place as global oil prices have taken a beating over the last one year with prices plunging by 50 per cent. This has raised fears of an end of the oil boom as the industry knew it.
Emerging oil producers are keeping an eye on the development in this sector, to know exactly what is next for oil and gas industry.
Nevertheless, investors are still keen on investing in green-field projects and Kenya is among their targets.
Organisers of the oil and gas expo said most of the participants had expressed interest in the oil industry with billions of shillings expected to be invested in the industry in Kenya in the coming months.
There has also been a strong interest in the country's wind energy potential in particular.
Among companies prospecting for investment opportunities are German solar energy giant Solar Inc and solar industry sources indicate that demand for photo-voltaic (PV) panels has risen by around 200 kW peak in the last five years.
Meanwhile, participants in the conference urged the government to offer more incentives to attract more investments in the energy industry.
-- BERNAMA-NNN-KBC