Kenyan President William Samoi Ruto officially rang the bell for the initial public offering (IPO) of Kenya Pipeline Company on Tuesday, and Uganda has recently purchased shares in the company. At the trading launch ceremony that morning, Ireen Batebe, Executive Secretary of the Ministry of Energy, and officials from the Uganda National Oil Company (UNOC) attended together. Previously, some Kenyan citizens questioned the rationality of privatizing this important asset, and ultimately Uganda obtained a strategic stake of 20.15% in the company through its National Oil Company (UNOC). During a meeting with the main opposition party, the Orange Democratic Movement (ODM), Ruto explained that pushing for the privatization of the Kenyan pipeline company is aimed at avoiding unnecessary external debt - which has been accused of exacerbating the debt crisis of sister countries in the East African Community in the past.
