These funds earmarked for the Ivorian firm should enable the transformation of the quay of the Societe de Commercialisation des Produits Agricoles (SOCOPAO) into an oil jetty.In the race for deep-water ports in West Africa, Cote d’Ivoire intends to be among the front runners. 

Studies have been carried out to enable the port to accommodate larger vessels of up to 350 meters in length with a 16 meters draught.

This extension project whose objective is to allow the berthing and mooring of vessels as well as to ensure the security of shipments and receipts of petroleum products has just received significant funding.

In a press release to APA on Tuesday, the West African Development Bank (BOAD) and CAPITAL OF AFRICA announced the success of their mission to structure and arrange long-term financing for the National Oil Company of Cote d’Ivoire (PETROCI) for a total amount of 60 billion CFA francs, in order to carry out a Priority Investment Program in the country.

The said program includes, in particular, the transformation of the SOCOPAO wharf into an oil wharf, the increase of the transport capacities of the existing pipelines and the construction of new pipelines, the building of new butane gas storage capacities, as well as the extension of the natural gas distribution network, the statement indicates.

The financing round was completed thanks to direct financing from BOAD for 30 billion CFA francs and the participation of Bridge Bank Group Cote d’Ivoire, acting as Agent Bank, and ‘Banque Atlantique’ Cote d’Ivoire, for 15 billion CFA francs each.