Barclays Bank of Kenya inked a financing deal with Marriott Drilling. The transaction, worth USD 13 million, would have the Barclay's-controlled bank finance the drilling rig for Marriott Drilling Africa Limited, the local unit of Marriott based in Britain.The drilling oil rig would be deployed in Kenya.
East Africa has become the focus of exploration after oil was discovered in Kenya and Uganda. Reuters reported that Kenya is still trying to determine if oil found in the country could be commercially produced. Gas was also found in Tanzania and Mozambique.
Oil firms doing explorations in Kenya complained that the shortage of drilling rigs hampered their work. Barclays Kenya would finance Marriott Drilling's rig for a span of five years.
Barclays Bank of Kenya said that the deal would enable them to enter the African oil industry. Managing Director Jeremy Awori added, "Signing a financing agreement of this value reflects the ability and commitment of Barclays Bank to shoulder its responsibilities in financing the projects of leading companies which have a clear strategy."
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