The National Treasury has reaffirmed its commitment to revitalising the National Oil Corporation of Kenya (NOCK), signalling renewed government efforts to strengthen the country’s energy security, improve efficiency in the petroleum sector and position the state-owned corporation as a key driver of economic transformation.
The pledge was made on Thursday when National Treasury officials hosted National Oil Corporation of Kenya Chief Executive Officer Duncan Waziri for a high-level courtesy meeting at the National Treasury Building in Nairobi. The discussions centred on the corporation’s strategic direction, ongoing reforms and its evolving role under Kenya’s new Government-Owned Enterprises framework.
During the meeting, Mr. Waziri briefed Treasury officials on NOCK’s operations, strategic priorities and initiatives designed to reinforce Kenya’s petroleum supply chain, enhance national energy security and accelerate the development of the country’s oil and gas resources.
The engagement comes at a time when Kenya continues to pursue long-term energy resilience amid fluctuating global fuel markets, increasing domestic energy demand and the need to diversify its energy sources while maintaining stable petroleum supplies.
A key focus of the discussions was the corporation’s transition into a Government-Owned Enterprise (GOE) following the enactment of the Government-Owned Enterprises Act, 2025. The new legal framework seeks to modernise the governance of state corporations by promoting greater accountability, commercial efficiency and improved management of public investments.
Treasury officials observed that the transition presents an opportunity for National Oil to reposition itself as a commercially viable and strategically important institution capable of supporting Kenya’s broader economic agenda.
“I reaffirm my commitment to supporting the revitalisation of the National Oil Corporation of Kenya to ensure it effectively delivers on its mandate and contributes to the country’s economic transformation,” the Treasury said following the meeting.
The ministry further noted that strengthening public enterprises remains critical to unlocking economic growth through prudent stewardship of public investments and strategic national assets.
“Through strategic stewardship of public investments and assets, we remain focused on building resilient state corporations that create lasting value for the people of Kenya,” the statement added.
For years, the National Oil Corporation of Kenya has played a central role in stabilising the country’s petroleum market by importing, storing and distributing fuel products while investing in upstream oil and gas exploration. However, the corporation has also faced financial and operational challenges that have prompted successive government reform efforts aimed at restoring its competitiveness and financial sustainability.
The transition to GOE status is expected to provide the corporation with enhanced operational flexibility, stronger corporate governance structures and improved commercial decision-making, enabling it to compete more effectively within Kenya’s liberalised petroleum market.
Energy experts argue that a financially stable and efficiently managed National Oil Corporation is essential for safeguarding strategic fuel reserves, supporting emergency petroleum supplies and cushioning the country against disruptions in global energy markets.
The renewed Treasury support also aligns with the government’s broader economic agenda of reforming state-owned enterprises to improve service delivery, reduce reliance on public bailouts and maximise returns from public investments.
As Kenya continues to implement reforms across key economic sectors, the revitalisation of the National Oil Corporation is expected to play an increasingly important role in securing reliable energy supplies, supporting industrial growth and strengthening the country’s long-term economic resilience.
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