Petroleum Africa
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Wednesday, October 12, 2016
Cote d’Ivoire is investing big in its oil product pipelines and storage. The West African country said it will plans to invest close to $1 billion in pipelines and storage. The government is looking to become a the region’s largest fuel hub in the coming years.
“The mass storage company will be tasked with building 1.5 million cubic meters (nearly 1.2 million tons) of storage by 2020, making Ivory Coast the “Rotterdam” of Africa and the biggest oil product market in sub-Saharan Africa,” a statement from the oil ministry said.
The storage company will invest 420 billion CFA Francs ($718.46 million) and the transport company will invest 150 billion ($256.59 million).
The project has attracted a dozen investors in to the two new companies, including oil firm Total and French industrial conglomerate Bollore, the statement said. Other investors include Vivo, Puma, Sahara, IPSL, Agility, Petro-Ivoire, Oil Libya, Sonabhy, Petroci and Mali.
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