Côte d’Ivoire has partnered with U.S.-based Yaatra Ventures to develop a second oil refinery, aiming to boost its exports of refined petroleum across West Africa. The project, in collaboration with the state-owned Société ivoirienne de raffinerie (SIR), is expected to attract over CFA3,000 billion ($5.1 billion) in investment.
Energy Minister Mamadou Sangafowa Coulibaly highlighted the country’s goal to double its refining capacity during the signing ceremony. Yaatra and SIR will work together to raise the necessary funds for the new facility.
The agreement follows a recent visit by Ivorian officials to the United States, led by the Energy Minister, to strengthen bilateral energy ties.
SIR’s Director of Development and Energy Transition, Raphael Souanga, previously announced plans for a new 170,000-barrel-per-day refinery, complementing the nation’s existing 100,000-barrel facility, which ranks among Sub-Saharan Africa’s most efficient.
Alongside the Yaatra deal, Côte d’Ivoire signed two more agreements with American companies at the U.S. Chamber of Commerce business summit in Abidjan. One allows Petroci, the national oil firm, to explore two oil blocks with Valco Energy Systems. The other, with solar company Sun Africa, supports a CFA700 billion plan to expand renewable energy and upgrade the national grid.
source: www.ecofinagency.com
African Energy Council