Petroleum Africa
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Friday, December 6, 2013
Cote d’Ivoire has secured funding to help it import fuel for the next two years. The government will borrow up to $300 million from the World Bank’s International Finance Corporation (IFC) and Societe Generale (SocGen) to provide feedstock for its refinery.
The IFC and SocGen will each lend the Societe Ivoirienne de Raffinage (SIR) up to $100 million, the lenders said in separate statements. Standard Chartered and BNP Paribas will also take part in the structured trade facility, to help fund about $2 billion of oil imports.
The IFC said in a statement the loan facility may help mitigate price spikes that drive up costs for both businesses and households, and also help SIR to regain direct access to the international financial markets.
Cote d’Ivoire’s SIR refinery has a capacity of 65,000 bpd and provides the country with nearly all of its refined petroleum products.
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