Monday, July 2, 2012

Kenya to buy Iran oil despite sanctions

(Reuters) Kenya has agreed to import four million tons of Iranian crude oil per year, a senior Kenyan energy official said on Monday.
Energy permanent Patrick Wanyoike, said that two government signed the memorandum of understanding on the oil last month. However, the permanent secretary did not disclose how many years the agreement covered.

Kenya has taken to deal in Iranian oil in spite of the European Union recently approval of an embargo on Iranian oil, which is to come into operation this month. The United States Congress is also expected to increase sanctions against Iran this July.

In other news: Indian carmaker Mahindra and Mahindra Limited has re-entered the Kenyan market through a Sh 500 million partnership with Simba Corporation after exiting over ten years ago.

Simba Colt Motors, a division of Simba Corporation will sell its range of utility vehicles and pick-ups in the Kenyan market.

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