Eng. Bateebe, Ggoobi appointed to Kenya Pipeline board
The appointments follow Uganda’s acquisition of a 20.15% strategic stake in the KPC through the Uganda National Oil Company (UNOC) in February this year during a process in which Kenya sold 65% of its shares to the public through an initial public offer.
The appointment of Eng. Irene Bateebe and Dr Ramathan Ggoobi (pictured), which took effect on July 28, was made by Flora Okoth, the KPC general manager for legal services and company secretary, in a July 29-dated notice. (Photo by Benon Ojiambo)
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The Permanent Secretaries of Energy and Finance Ministries have been appointed as Non-Executive Directors to the Kenya Pipeline Company PLC (KPC)’s board.
The appointment of Eng. Irene Bateebe and Dr Ramathan Ggoobi, which took effect on July 28, was made by Flora Okoth, the KPC general manager for legal services and company secretary, in a July 29-dated notice.
The appointments follow Uganda’s acquisition of a 20.15% strategic stake in the KPC through the Uganda National Oil Company (UNOC) in February this year during a process in which Kenya sold 65% of its shares to the public through an initial public offer.
Eng. Irene Bateebe, the Permanent Secretary at the Ministry of Energy & Mineral Development. (Courtesy photo)
Additionally, Uganda gained other powers like the veto to hire and fire the company’s chief executive officer, approval of tariff increases, the company’s dividend policy, employee restructuring and rights issue.
Uganda is a net importer of all its refined petroleum products, consuming about 6.5 million litres of fuel daily, and reports indicate that about 90% of these are imported through Kenya. Fuel is transported using the Kenya Pipeline Company network and trucks to reach Uganda.
Bateebe in February described Uganda’s KPC’s stake acquisition as a strategic decision meant to safeguard the country’s national interests.
“The decision will enhance security of access to petroleum products, improve affordability and reinforce long-term supply for Uganda and the wider region,” Eng. Bateebe said in February.