By George Mwangi
Special to Dow Jones Newswires
NAIROBI--Kenya's current account deficit widened to 5.5% of the gross domestic product in the 12 months to October from 5.2% the prior year due to a higher oil import bill, the country's central bank said Friday.
Higher oil imports offset increased receipts from tea and services exports, as well as remittances, the bank said in its weekly report.
The report didn't disclose the value of the oil imports during the year ended October.
Oil imports rose sharply to $5.42 billion in the year to September from $2.97 billion the same prior-year period, according to the governor of the central bank, Patrick Njoroge.
Kenya relies heavily on petroleum imports to meet its energy demands.
Tullow Oil PLC, which is set to develop an oil field project in the country along with partners, is seeking an extension of the field development plan review period by the Kenyan government, which was supposed to be concluded on Nov. 6.
Kenya's large-scale oil production was expected to start in 2022, with an output of up to 100,000 barrels a day from oil fields in northern Kenya.
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(END) Dow Jones Newswires
12-02-22 1028ET
