Ruto to end Saudi Arabia oil Deal

January 19, 2024

Early Morning Photos of President Ruto Preparing to Attend Final day Climate Summit

President William Ruto taking a cup of tea along the corridors of State House, Nairobi ahead of the last day of the Africa Climate Summit on September 6, 2023[Photos/Courtesy]

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Friday, January 19, 2024 -Government of Kenya will exit the government-to-government oil deal with select Saudi Arabia companies in December this year after admitting that the agreement was creating distortions in the foreign exchange market.

In the documents signalling the end of the deal, which was touted as one of Ruto’s fiscal policies, were captured in the latest report by the International Monetary Fund (IMF) on Kenya’s plan to revive the economy.

Treasury was said to have argued that the controversial G2G deal had flopped as it failed to stabilise the exchange rate in favour of the Kenyan currency.

The G2G deal, introduced in April 2023, was brokered by Kenya’s Ministry of Energy and Saudi Aramco, Abu Dhabi National Oil Corporation Global Trading (ADNOC) and Emirate’s National Oil Company (NOC).

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