Canadian oil and gas company, Sahara Energy, and the National Oil Company of Cote d’Ivoire, Petroci Holding, have entered into a Joint Venture (JV) agreement to facilitate the construction of a 12,000 metric tonnes liquefied petroleum gas (LPG) storage facility, according to a press release.
The project will cost an estimated $43 million with the purpose of guaranteeing LPG supply security in the nation.
Ibrahima Diaby, Director-General at Petroci, said, “this joint venture project is the first of its kind in Cote d’Ivoire and will serve as a model for other projects in the energy sector. It is a historic event that will pave the way for a more robust and seamless storage, distribution, and supply of LPG. This translates to more clean energy, growth, and productivity in Cote d’Ivoire. We are delighted and look forward to more collaboration with Sahara Energy.”
The facility will increase the country’s LPG storage by 60% and facilitate the distribution of LPG to neighboring countries.
Ivory Coast, West Africa’s fastest-growing LPG market, has seen consumption growth from 175 kilotonnes (KT) in 2013 to 380 KT in 2019.