Petroleum Africa
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Tuesday, October 12, 2010
GESTOCI, Cote d’Ivoires petroleum stocking company, will invest $400 million over the next five years to double its stocking capacity to 680,000 tons. This capacity building will include the construction of a new storage unit for petroleum products in the port of San Pedro.
GESTOCI is 12.5% owned by the government and the rest is owned by Total, Shell, Texaco, Oil Libya, and Petroci.
The company’s director general Michel N'Guettia said the company had signed a six-month renewable contract with Total worth $2 million to stock fuels such as gasoline, diesel, and jet fuel.
The investments would add a total of 340,000 cubic meters or double current capacity, including rebuilding the Bouake plant to full capacity, a Reuters report said.
The new San Pedro unit, scheduled to be completed within two years will add 250,000 cubic meters to total capacity, N'Guettia said, while another project in Yamoussoukro would add 30,000 cubic meters.
“Lots of companies were coming to us so we were obliged to make big investments to bring us up to international standards," N'Guettia said, but he declined to name the companies that would be enlisted to construct the extra space.
“We have all the financing for the construction of the storage site at the port of San Pedro, which is very important for us," he said. "It will allow us to serve directly Mali, Liberia, Guinea and Sierra Leone."
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