, Abu Dhabi National Oil Company and Emirates National Oil Company in March, switching from an open tender system in which local companies bid to import oil every month.
The deal had helped lower the cost of transporting oil to Kenya and the premium it pays to suppliers, he said, defending the deal. Currency traders have however been sceptical of its effectiveness, saying it amounts to postponing demand. The Kenyan shilling has remained under sustained pressure from the dollar, although the rate of depreciation has slowed in recent months, defying an April prediction by President William Ruto that it would strengthen significantly.
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