By Our Reporter
The Senate Standing Committee on Energy chaired by Nyeri Senator Wahome Wamatinga held a meeting with Mr. Paul Limoh the CEO of Gulf Energy, Angeline Maangi, the CEO/MD of Oryx Energies K. Ltd, and Anthony Munyasya the CEO of Galana Energies to deliberate on the agreement signed by the three companies and oil suppliers in the Government to Government oil agreement.
The three Chief Executive Officers were required by the committee to submit copies of the signed commercial agreements between their companies and the oil suppliers; copies of the signed financial agreements between the companies and the Commercial Banks guaranteeing the agreements; and indicate the total amounts paid to the oil suppliers and what is owed for the oil which has already been supplied.
The companies presented their Master Frameworks (MFA) governing the terms and conditions of the Government to Government agreement, The Letters of Support from the Government of Kenya; and The Tripartite Agreements between the Government, the Nominated OMCs, and the financier of all products imported under the Government to Government Framework.
Oryx Energies reported that to date the total invoiced amount is USD. 247,773,379.26 out of which USD. 85,853,379.26 has been paid while USD. 161,920,000.00 is the amount of cash in the bank to be paid to the IOC once the payments fall due.
Galana Energies on their part submitted that the fuel supplied to the company to date amount to USD. 478,064,249.96 out which USD. 76,528,736.20 has been paid leaving an outstanding balance of USD. 401,535,513.76.
Lastly, Gulf Energy has received fuel supplies amounting to USD. 2,816,481,260.06 to date, USD. 686,580,960.06 have been paid while USD. 1,071,882,153.89 is unpaid.
The committee noted that some vital documents such as the financial agreements with Commercial Banks had not been provided, and resolved to give the Chief Executive Officers time to submit the same after which another meeting will be set to conclude on the matter.
Also present during the session included the committee Vice Chairperson, William Kisang and membersLedama Olekina, Dr. Boni Khalwale as well as Abass Mohamed.