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Tuesday, July 18, 2017
The government of Cote d’Ivoire has decided to privatize state-run Petroci’s LPG distribution network. The decision was revealed at a Council of Ministers meeting.
According to reports, the privatization is necessary because “in the face of competition and limited financial resources, Petroci has not been able to support the operation and development of its LPG distribution business.” This situation has resulted in “a deterioration in the performance of this activity, which has resulted in a steady loss of market share of the company, from 33% in 2012 to 22% in 2016,” authorities said.
Under the privatization plan Petroci will keep its LPG import mission while the private investors selected will resume the filling and distribution activities of LPG. This will enable Petroci to focus its resources on the development of Ivorian oil and gas potential, as well as the import and storage of hydrocarbons.
It appears that the government is working towards selling Petroci’s way out of the downstream sector as last year it sold the state-run firm’s entire network of service stations to Puma Energy.
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