The World Bank has approved an $875 million financing package for Côte d’Ivoire and signed an interim agreement with Eni’s local subsidiary to support the country’s expanding natural gas sector. The agreement also includes technical assistance for the development of the country’s Gas Master Plan.
Speaking on the financing, World Bank Vice President for Western and Central Africa Ousmane Diagana described the package as a major investment in Côte d’Ivoire’s youth, job creation, and the resilience of local communities. He said energy is central to the country’s long-term economic transformation and noted that the bank’s support for the Gas Master Plan will help provide a clear roadmap for building the transmission and distribution infrastructure needed to develop the sector.
Côte d’Ivoire has begun implementing its Gas Master Plan with support from the World Bank as it works to attract more investment into the gas industry. The initiative follows Eni’s decision to fast-track a $4 billion expansion of its offshore joint venture with Vitol Group. The expansion is expected to increase oil production at the Baleine Phase 3 project to 150,000 barrels per day from 60,000 barrels per day, while also boosting natural gas output.
The renewed focus on gas development also reflects growing global demand for alternative gas supplies as conflicts involving Iran and Ukraine continue to reshape energy markets and encourage countries in Europe and other regions to diversify their sources.
The financing package forms part of the World Bank’s broader commitment of more than $17 billion through its lending and investment arms, according to the institution.
source: worldoil.com
African Energy Council