TANZANIA’S multinational conglomerate, Taifa Gas is set to invest 130 million US dollars (300bn/-) in setting up a 30,000-tonne liquefied petroleum gas (LPG) handling facility at Mombasa’s Special Economic Zone.
The facility will be one of Kenya’s largest recent private sector investments and among the first at Mombasa’s Special Economic Zone.
The firm’s Managing Director, Ms Veneranda Masoum said the decision to invest in Mombasa was indicative of Taifa’s confidence in the socio-economic development of the country.
“This is a substantial investment that will not only address the gap in Kenya’s and the regional gas market but will also create many jobs and sustain livelihoods in the region,” said Ms Masoum.
The groundbreaking for the project is expected to take place today and will be graced by Kenya’s President Dr William Ruto.
The plant will have a capacity of handling 30,000 metric tonnes, dwarfing other similar facilities in the region and will be operational within a year.
“We expect 90,000 direct and indirect jobs will be created by this investment especially when we start the downstream retail operations. This will have a significant impact on job creation across the country and the region,” said Ms Masoum.
Taifa Gas is a Tanzania-based conglomerate with operations in Kenya, Uganda, Rwanda, Burundi, Zambia, DRC, Tanzania and South Africa.
It exports and retails LPG products in these countries with plans to cover more countries following increased capacity from the Kenyan operations.
“We are elated that we now have our first significant investment in Kenya and in particular in Mombasa. We are very encouraged by the positive investment climate prevailing in the country. This investment marks a major step in our efforts to concretise our plans for a larger footprint in Kenya and the (EAC) region,” said Ms Masoum.
The LPG facility is also expected to play a hand in the reduction of habitat destruction as more people move from wood fuel to gas. Most importantly it will give customers more options in terms of where to source their LPG.
“Due to increased deforestation and habitat destruction, we believe the future lies in clean energy. We are encouraged by the government’s drive towards cheaper and cleaner energy as opposed to wood fuel that has a negative footprint on the environment,” added Ms Masoum.