Today's Business News

[system]

@coldpilsner

@Okiya mbona tuna export mafuta instead ya kuuza locally first…

last i checked the refinery in MSA needed some serious patch work for it to be viable, not sure if this happened, @Okiya please confirm

[system]

@coldpilsner

@Okiya mbona tuna export mafuta instead ya kuuza locally first…

Personally I think the rush to export 2,000 barrels per day is just a political statement. It doesn’t make economic sense.

[system]

@jimmy_m

last i checked the refinery in MSA needed some serious patch work for it to be viable, not sure if this happened, @Okiya please confirm

Last I also checked (August) they said itafunguliwa soon.

[system]

@Okiya

Personally I think the rush to export 2,000 barrels per day is just a political statement. It doesn’t make economic sense.

thats around 318000 liters per day, they should have used this to test kipevu and push it back into the local market, me thinks this would have made more economic sense

[system]

Looks like M-Akiba and Pesa link are bogus systems…nipewe hii kasi tafasary.

[Ubongo]

These are the kind of informative business ideas that were missing when you had taken a sabbatical leave. Kudos for the information

[negrowegrow]

This guy @Okiya is well informed on matters business. One of the chaps I wouldn’t mind meeting outside this virtual forum

[x-trail]

@Okiya

In summary

1.Effective April, KQ will only allow 1 free check in luggage down from two. Extra bags will be charged Kshs 2,060. The routes affected by this new policy are Entebbe, Kigali, Dar & Zanzibar.

2. Within 4hrs of launch of M-Akiba, a total of Kshs 2.4 million had been invested. However, due to the overwhelming demand, traffic for purchases was more than what had been planned leading to slowdown of the systems.

3.Still on M-Akiba, plans are in the offing to raise the daily mobile money transaction ceiling from the current Sh140,000 to accommodate higher purchases of the product launched yesterday

4.Banks are pilling pressure on the Government to scrap interest rate controls, saying they have reduced credit to the private sector and failed to increase savings, as anticipated.

5.Parliament has defied the Treasury and maintained its budget at Sh40 billion, signalling the MPs’ determination to pay themselves billions of shillings in severance perks at the end of their term in August.

6.Kenya has greenlighted a crude oil export agreement with Tullow Oil, Maersk International and local Africa Oil, with pilot exports slated to start in June. The companies have stored 70,000 barrels of crude oil, which will be used for part of the pilot program.

7.Mumias Sugar Company has received about Sh 240 Million from the government as part of the company’s ongoing bailout arrangement worth Sh3 billion which was requested in 2015

8. The Government has promised not to burden Kenyans with additional taxes as it presents its Sh2.6 trillion budget for the 2017-2018 financial year next week.

9. Central Bank has directed banks to cut the time it takes to transact on Pesalink from the current 20 seconds to 10 seconds.

10.Long-serving Equity Group Holdings chairman & founder Peter Kahara Munga has left the chairmanship of Equity Bank Kenya as part of the group’s succession.

Week’s business quote

[ATTACH=full]89919[/ATTACH]

~Nice weekend~

Hio no 10 huyo budah awache hio institution ikiwa hai hatutaki kuskia ati alienda na funguo

[Abba]

@gashwin

thought the latest news was that finally KQ was on a turnaround?

Their books are a mess.its only now they are trying to get out of the woods. …but they have a good leadership under sir Joseph

[MBOMB]

@Okiya

Competition faced by KQ in these 4 routes is low. & customers wako locked.

Not to mention that KQ charges an arm and a leg for these routes especially Entebbe which is one of the most expensive routes in the world.

[system]

@coldpilsner

@Okiya mbona tuna export mafuta instead ya kuuza locally first…

By locally I presume you mean in Kenya. Nani atanunua crude (unrefined) oil hapa? Apeleke wapi?

[Fala_12]

@Luther12

By locally I presume you mean in Kenya. Nani atanunua crude (unrefined) oil hapa? Apeleke wapi?

They should rehabilitate the refinary at kipevu or better build a new one because i think one of the major issues with the current one was the quality / purity of fuel it produced

[inzhener_otmetka]

@coldpilsner

@Okiya mbona tuna export mafuta instead ya kuuza locally first…

in the long run will the oil production from turkana lead KPC to be defunct

Seriously!
Do you know what we’re exporting?
That stuff has to be refined first before it becomes useful. In any case, the idea here is to refine the crude oil in order to realise optimum benefits from it.
As things stand now, we cannot refine (add value) the crude oil and our only recourse at present is to export it and import the refined stuff.

[inzhener_otmetka]

@Luther12

By locally I presume you mean in Kenya. Nani atanunua crude (unrefined) oil hapa? Apeleke wapi?

Could this guy be imagining that lorries, e.g. Tata use crude oil for running?

[system]

@Fala 12

They should rehabilitate the refinary at kipevu or better build a new one because i think one of the major issues with the current one was the quality / purity of fuel it produced

It was ruled obsolete, we need to build a totally new one. It’s storage tanks are however ok.

[Adeudeu]

@coldpilsner

mbona tuna export mafuta instead ya kuuza locally first…

Exploration is done by a foreign country and they will recover their monies first then watuachie. In short, your grand son’s great grand sons might get to benefit from the oil.

[Fala_12]

@Adeudeu

Exploration is done by a foreign country and they will recover their monies first then watuachie. In short, your grand son’s great grand sons might get to benefit from the oil.

get some things right first buana; foreign companies because kenyan companies do not have the capacity to explore and extract. and then again there should be revenue sharing agreements whereby the company just takes a small percentage over time to recoup their cost and so benefits should ideally be felt immediately

[Fala_12]

@Luther12

It was ruled obsolete, we need to build a totally new one. It’s storage tanks are however ok.

that should be done asap even if its a small one to just take care of kenyas fuel needs

[Adeudeu]

@Fala 12

get some things right first buana; foreign companies because kenyan companies do not have the capacity to explore and extract. and then again there should be revenue sharing agreements whereby the company just takes a small percentage over time to recoup their cost and so benefits should ideally be felt immediately

Theoretically, that is how it should happen. But these foreign countries give bribes in hundreds upon hundreds of millions of shillings my friend sometimes they give billions. With our weak systems that handle thieving and our high cultural tolerance to immorality, hata wewe utaingizwa box and sign whatever papers they present.

[Fala_12]

@Adeudeu

Theoretically, that is how it should happen. But these foreign countries give bribes in hundreds upon hundreds of millions of shillings my friend sometimes they give billions. With our weak systems that handle thieving and our high cultural tolerance to immorality, hata wewe utaingizwa box and sign whatever papers they present.

i now agree with you, we are just a country of thieves so much that we even steal from ourselves