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Togolese ZIH Acquires Petrogal GB with Structured Financing from Ecobank

Zener International Holding takes over Petrogal’s assets in Guinea-Bissau, backed by a $24 million structured financing deal arranged with support from Ecobank and the West African Development Bank.

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Togolese group Zener International Holding (ZIH), active in energy infrastructure, is set to acquire the assets of Petrogal Guinea-Bissau, previously owned by Portuguese company Galp Energia. This acquisition marks a strategic expansion phase for ZIH in West Africa’s petroleum distribution market.

The operation’s financing was structured by Ecobank Transnational Incorporated (ETI), through its subsidiary EDC Investment Corporation (EIC), amounting to 13.5 billion CFA francs, or approximately $24 million. The West African Development Bank (BOAD) also contributed 8.85 billion CFA francs to the fundraising.

A Strategic Asset Portfolio for Petroleum Logistics

The assets involved include a network of service stations, fuel and liquefied petroleum gas (LPG) storage facilities, as well as installations dedicated to civil aviation refueling. In addition, Petrogal GB encompasses several operational entities: Petromar, responsible for importing and distributing fuels and lubricants; Petrogas, specialized in LPG storage and filling; and CLC GB, focused on the transport and storage of petroleum products.

The takeover aims to improve hydrocarbon storage and distribution logistics in a country that, while not a producer, has been working to develop its energy capacity. By leveraging existing infrastructure, ZIH strengthens its position in a segment where domestic demand remains significant.

A Regional Position in Consolidation

Zener International Holding had previously raised capital in 2022 from the International Finance Corporation (IFC), a member of the World Bank Group, to increase its regional storage capacity. This new operation in Guinea-Bissau confirms the group’s strategy to establish a long-term presence in West African markets through structured acquisitions.

ZIH President Jonas Aklesso Daou expressed the group’s interest in Petrogal GB’s assets, highlighting their potential in an environment where energy infrastructure remains underdeveloped. The acquisition may also help boost the national capacity for butane gas filling, a critical segment for domestic use.

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