Kenya, Norway to ink deal on petroleum management

Nairobi, Sep 10:

and

are set to sign an agreement on the management of petroleum resources, which will enable 22 Norwegian firms to invest in Kenya after having identified projects and opportunities, a Norwegian envoy said on Tuesday.

Norway's newly-appointed Ambassador to Kenya Victor Conrad Ronneberg said Norway was happy that the east African nation had shown interest in how it manages its oil and gas resources, Xinhua reported.

"We are considering a long-term agreement with Kenya's ministry of energy and petroleum on the effective and socially responsible management of petroleum resources," he said in Nairobi after presenting his credentials to Kenyan President Uhuru Kenyatta.

Kenya has a huge mineral potential but its exploration efforts have only picked in the last five years with the awarding of commercial licences in prospecting for oil, gold, coal, geothermal and rare earth.

The deal is expected to be inked by the Kenya Investment Authority and the Norwegian Government Agency for Trade and Investment Promotion, Innovation.

IANS