On May 14, Côte d’Ivoire signed a memorandum of understanding with American company Yaatra Ventures for the construction of a new oil refinery. The project, valued at CFA3,000bn ($5.1bn), will be carried out in partnership with the Société ivoirienne de raffinage (SIR). The facility will increase the country’s total refining capacity to 270,000 barrels per day (b/d), up from the current 100,000 b/d.
A strategic project for regional exports
At the signing event, held alongside a U.S. Chamber of Commerce business summit in Abidjan, Ivorian Minister of Mines, Petroleum and Energy, Mamadou Sangafowa Coulibaly, stated that the project addresses a growing need. He noted that both companies would work together to raise the necessary funding for the new refinery’s construction. The country’s aim is to strengthen its position as an exporter of refined petroleum products within West Africa.
As early as April, SIR announced its plans to build the new infrastructure with a capacity of 170,000 b/d. This initiative comes amid rising regional demand, and Côte d’Ivoire is already among the most efficient producers in sub-Saharan Africa.
Multiple U.S. partnerships in the energy sector
The memorandum follows an official visit by Ivorian government officials to the United States. The trip further deepened bilateral exchanges in the field of energy and strategic infrastructure. Yaatra Ventures is a U.S.-based firm specialising in financing large-scale energy projects.
Additionally, two other memorandums of agreement were signed with American firms. One involves a partnership between the Société nationale d’opérations pétrolières de Côte d’Ivoire (Petroci) and Valco Energy Systems for the development of two oil blocks. The other, concluded with Sun Africa, targets CFA700bn ($1.19bn) in funding to support renewable energy development and optimisation of the national power grid.
A national strategy to expand capacity
With this set of investments, Côte d’Ivoire is pursuing its strategy to maximise its energy resources and expand its industrial capacity. The partnership with Yaatra Ventures demonstrates a willingness to diversify financing sources and cooperate with experienced international players in complex energy infrastructure projects.
The Ivorian government is focusing on infrastructure that can support both domestic consumption and exports in a growing regional market. The additional 170,000 b/d capacity is expected to position the country as a major refining hub in West Africa.
