President William Ruto has announced that the government will list the Kenya Pipeline Company (KPC) on the Nairobi Securities Exchange through an initial public offering (IPO) in 2025.

Speaking during a market opening ceremony at the London Stock Exchange on Wednesday, President Ruto said the move is part of a broader strategy to expand the country’s capital markets and attract private investment into key state-owned enterprises.

“We are committed to a structured, time-sensitive programme that identifies and prepares a robust pipeline of key government assets to be privatized through the stock exchange or improved through private sector participation,” he said. “KPC’s listing will offer investors a unique opportunity to deploy capital in one of Kenya’s most strategic infrastructure enterprises.”

Treasury Cabinet Secretary John Mbadi had earlier hinted at the plan in February after KPC remitted a second dividend cheque, totaling Ksh10.5 billion, to the exchequer in 2024. He noted that listing would provide KPC with critical liquidity for regional expansion and growth into liquefied petroleum gas (LPG).

The state corporation is currently exploring the creation of a petroleum trading hub in Mombasa and plans to absorb the Kenya Petroleum Refineries Ltd into its operations as part of its long-term growth strategy.

The listing would make KPC one of the few major state-owned infrastructure firms to go public, following the footsteps of companies like Safaricom and KenGen.