EXMAR is pleased to announce that it has entered into agreements with Côte d’Ivoire Energies (CI-Energies) and Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (Petroci) for a 10 years’ lease of a 152,000 m³ and 250 MMSCFD Floating Storage & Regasification Unit (FSRU) and its operation and maintenance, in the Port of Abidjan, Côte d’Ivoire, generating a yearly EBITDA of around USD 21.3 million.
Petroci shall source LNG from the international market, which it shall import through EXMAR’s FSRU, as from Q3 2027, and deliver the regasified LNG to CI-Energies to produce electricity.
The FSRU is required to meet the increase in gas and power demand both inside Côte d’Ivoire, with its rising population, prosperous economy and growing mining industry; and additional demand from the neighbouring countries. The project was set as a priority by President Ouattara at the start of his fourth term, at the beginning of this year.
EXMAR said: “EXMAR is proud that Côte d’Ivoire has entrusted EXMAR with this important fast-track LNG import project. It emphasises our floating infrastructure solutions as a quick-to-market and competitive solution for securing strategic energy supply. We look forward to building a strong partnership with the teams from Petroci and CI Energies, which we hope to grow in the future.”
Petroci said: “Côte d’Ivoire’s demand for natural gas and electricity continues to grow alongside the country’s economic development. The FSRU represents an important step forward in strengthening our energy security by providing an additional and flexible source of natural gas, complementary to domestic production and existing infrastructure. It will help diversify and secure gas supply while supporting the growing needs of the power sector. Together with EXMAR and CI-Energies, PETROCI is fully committed to the successful implementation of this strategic project and to supporting Côte d’Ivoire’s long-term energy and economic development.”
CI-Energie’s said: “Côte d’Ivoire aspires to become a leading regional energy hub while ensuring the reliable satisfaction of domestic electricity demand. CI-ENERGIES is firmly driving this ambition, whose success depends, among other factors, on the availability of natural gas and the security of gas supply. The FSRU Project represents a strategic undertaking and a key enabler that, together with domestic natural gas production, will enable Côte d’Ivoire and the power sector to secure natural gas availability over the short, medium, and long term, thereby fostering the country’s energy and economic growth. CI-ENERGIES is strongly committed to the implementation of this project, working closely with its partners PETROCI and EXMAR.“
About Petroci
Established in 1975, PETROCI Holding (Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire) is Côte d’Ivoire’s national oil company. PETROCI operates across the oil and gas value chain, with activities spanning exploration and production, natural gas, storage and distribution of petroleum products. As a strategic player in Côte d’Ivoire’s energy sector, PETROCI contributes to the development of the country’s hydrocarbon resources, the security and diversification of its energy supply, and its long-term economic development.
About CI-Energies
Established in 2011, CI-ENERGIES (Côte d’Ivoire Energies) is a state-owned company operating in Côte d’Ivoire’s electricity sector. As the national electricity company, CI-ENERGIES is responsible for:
- Planning electricity supply and demand;
- Acting as contracting authority and providing project management for investments and development projects in the electricity sector;
- Monitoring power system energy flows;
- Ensuring the financial equilibrium of the electricity sector;
- Electricity generation since November 2017.
As the State’s strategic arm in the electricity sector, CI-ENERGIES plays a key role in the optimal development of this highly strategic industry, which is vital to Côte d’Ivoire’s economic and social development.
Africa based Energy Company, Mundus Afrique, served as the Transaction Advisor for this Project
