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KENOL/KOBIL
Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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VituVingiSana wrote:nyoike & kiraitu on the way out? Not before Mudavadi and Kosgey. The stage is set for an ODM vs PNU battle.
BBI will solve it :)
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Rank: Chief Joined: 1/3/2007 Posts: 18,378 Location: Nairobi
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2012 wrote:the deal wrote:KenolKobil's license has been reinstated but they have agreed to pay KPRL 634M Kenyan money-Nation mobile. I told you. This Segman dude was just bullsh*tting. We shareholders lost big time in that unscripted, unrehearsed circus and no one can convince me otherwise. OK. I am sure you can ask him during the AGM... BTW, what is your source of information? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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Old mzee nyoike who i dont like is expected to pay 700k to total and others for a case he lost. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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VituVingiSana wrote:OK. I am sure you can ask him during the AGM...
BTW, what is your source of information? Here's the proof C/P. Old story but you'll agree that KK was the loser in this hullabaloo and now they are paying the new rates after all that! Aren't you even a bit annoyed with this dude? Sept. 8 (Bloomberg) -- KenolKobil Ltd., a Kenyan fuel retailer, said it is incurring “heavy losses” after Kenya Petroleum Refineries Ltd. stopped processing crude for the company.
“Our agreement with KenolKobil was terminated in July and we are not processing any oil for them,” Raj Varma, chief executive officer of KPRL, said in a phone interview today.
Four-Year Dispute
KenolKobil and KPRL have been in dispute over processing fees for the past four years. KPRL says it is owed 600 million shillings ($7.4 million) by KenolKobil, which in turn says it is owed 5.3 billion shillings as a result of losses incurred after KPRL withheld refined oil and prevented two ships from delivering crude ordered by KenolKobil.
KenolKobil’s contract for having crude processed at KPRL ended on July 12, Kaburu Mwirichia, director-general of the energy commission, told reporters today in Ngong, 18 kilometers (11 miles) north of Nairobi. As a result, KenolKobil isn’t allowed to import crude for sale within Kenya, he said.
“We took action telling them that they can do everything else, but cannot do the business of importing oil for use in this country,” Mwirichia said. “They can buy from other importers.”
BBI will solve it :)
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Rank: Chief Joined: 1/3/2007 Posts: 18,378 Location: Nairobi
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@2012 - Nowhere does it say KK has settled for KShs 634mn in the Reuters story you posted above... So no, you need to do better... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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VituVingiSana wrote:@2012 - Nowhere does it say KK has settled for KShs 634mn in the Reuters story you posted above... So no, you need to do better... Is this better? By NATION CORRESPONDENT
Posted Thursday, October 28 2010 at 16:53
The commission, on October 14, 2010, gave Kenya Oil Company Ltd (Kenol) and Kobil Petroleum Ltd (Kobil) the licences for import, export and wholesale after the firm agreed to pay Sh634 million it owes the refinery.
BBI will solve it :)
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Rank: Chief Joined: 1/3/2007 Posts: 18,378 Location: Nairobi
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2012 wrote:VituVingiSana wrote:@2012 - Nowhere does it say KK has settled for KShs 634mn in the Reuters story you posted above... So no, you need to do better... Is this better? By NATION CORRESPONDENT
Posted Thursday, October 28 2010 at 16:53
The commission, on October 14, 2010, gave Kenya Oil Company Ltd (Kenol) and Kobil Petroleum Ltd (Kobil) the licences for import, export and wholesale after the firm agreed to pay Sh634 million it owes the refinery. I was waiting for you to post a story from Nation Media Group... Those guys do almost ZERO research on business stories...  So... I will disagree with your assessment... I think the truth lies somewhere in between zero & 634mn... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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VituVingiSana wrote:I was waiting for you to post a story from Nation Media Group... Those guys do almost ZERO research on business stories...
Agree with you on the uselessness of our 'trusted' media. Anyway, that aside, how comes Total never seems to generate interest or take advantage of situations?
BBI will solve it :)
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Rank: Chief Joined: 1/3/2007 Posts: 18,378 Location: Nairobi
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2012 wrote:VituVingiSana wrote:I was waiting for you to post a story from Nation Media Group... Those guys do almost ZERO research on business stories... Agree with you on the uselessness of our 'trusted' media. Anyway, that aside, how comes Total never seems to generate interest or take advantage of situations They were quite popular but Total cannot expand outside Kenya... so limited growth except for gains from Chevron/Caltex buyout... KK can & is expanding regionally... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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We another large trade today 7.6 on the ritcher scale. If history repeats itself, we know what will follow.... The investor's chief problem - and even his worst enemy - is likely to be himself
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