Kenya, Norway to enter into an agreement on management of petroleum resources

Kenya and Norway have announced that they are considering entering into a long term agreement Petroleum on effective and socially responsible management of petroleum resources.

This was revealed as President Uhuru Kenyatta met with the new Ambassador to Kenya Victor Conrad Ronneberg who presented his credentials at State House  Nairobi on Tuesday.

This will be a continuation of the ongoing partnership between the two countries on issues of best practice in managing natural resources.

“We are considering a long-term agreement with Kenya’s Ministry of Energy and Petroleum on effective and socially responsible management of petroleum resources,” Ronneberg said

Ronneberg added that Norway looks into increasing business relations with Kenya which has already increasing twenty fold within the last years mainly within retail, telecom and financial services.

President Kenyatta said Kenya will benefit from cooperation with Norway in managing the newly discovered petroleum resources terming the European nation a role model on how to manage revenues in the sector.

Norway maintains the largest sovereign fund in the world currently estimated to be over $884 billion, owns 1% of the entire world’s stocks, and is big enough to make every citizen a millionaire in the country’s currency, the kroner.