15th Sep 2014 09:27
LONDON (Alliance News) - Africa Oilfield Logistics Ltd said Monday that Ardan Risk & Support Services, its primary investment, has entered into a 15-year lease over a land plot in Northern Kenya.
Africa Oilfield said the land has been leased for warehousing, fuel distribution, cold storage and fleet maintenance purposes and will be developed into the first of several planned logistics hubs, created to support Ardan's Technical Division and its expanding operations in Northern Kenya centred on the rapidly growing oil exploration and production industry in the region, said the company.
Negotiations are also ongoing for an option over a further 25 acres of land in the vicinity to further support the Africa Oilfield's long term regional expansion plans, said the AIM listed African focused support services and logistics company.
"Establishing a logistics hub in the burgeoning energy and natural resource destination of Northern Kenya will be a key differential for our business over the coming years," said Chief Executive Carl Esprey.
"The development of warehouses and infrastructure for fuel distribution, cold storage and fleet maintenance will enable us to meet the needs of companies in the region, and in time, we will also be able to offer warehouse space directly to our clients on a lease basis creating an additional revenue stream," added Esprey.
Shares in the company were Monday trading 1.37%% lower at 9.00 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AOL.L