Nock hires British consultant to guide its turnaround

The National Oil Corporation of Kenya (Nock) has hired London-based financial services firm IHS Markit to advise it on designing its 15-year turnaround plan.

The global research and strategy company is expected to help the State oil marketer establish structures for implementing its ambitious plan which, among other things, includes expanding its local footprint to open 185 new retail stations across the country.

According to Nock, the turnaround blueprint is aimed at placing it at par with other national oil companies around the world such as Angola’s Sonagol, Algeria’s Sonatrach, Brazil’s Petrobras and the Chinese National Petroleum Corporation.

“The 15 Year Transformation Plan will be a long-term blueprint to help steer our company to become the leading integrated energy company in Africa and position National Oil as one of the key drivers of Kenya’s economic and social transformation,” said Nock chief executive MaryJane Mwangi.

Development of the plan is slated to take six months, after which IHS Markit whose shares are listed on the London Stock Exchange will provide additional support to Nock for a year.

Nock recently told Parliament that it is engaging government bodies sitting on prime land to lease the parcels to the firm so it can open more petrol stations.

Ms Mwangi said the plan is to grow its footprint in Nairobi without putting a lot of pressure on the company. It is in talks with Nairobi School and the Meteorological Department along Ngong Road on the same.

National Oil has attributed its poor showing in the market to its unstrategic stations.