Côte d’Ivoire has signed a strategic partnership with U.S.-based Yaatra Ventures to develop a second oil refinery, aiming to expand its refined petroleum exports across West Africa.
The project, developed in collaboration with the state-owned Société Ivoirienne de Raffinage (SIR), is expected to attract more than CFA 3,000 billion (approximately $5.1 billion) in investment.
During the signing ceremony, Energy Minister Mamadou Sangafowa Coulibaly emphasized the country’s ambition to double its refining capacity.
Yaatra and SIR will jointly lead the fundraising and development efforts for the new facility.
This agreement follows a recent visit by an Ivorian delegation to the United States, led by Minister Coulibaly, aimed at strengthening bilateral energy cooperation.
Raphaël Souanga, SIR’s Director of Development and Energy Transition, previously announced plans for a new 170,000-barrel-per-day refinery to complement Côte d’Ivoire’s existing 100,000-barrel facility, one of the most efficient in Sub-Saharan Africa.
In addition to the Yaatra deal, Côte d’Ivoire signed two more agreements with U.S. companies during the U.S. Chamber of Commerce business summit held in Abidjan.
One agreement enables national oil company Petroci to explore two offshore blocks with Valco Energy Systems.
The other, signed with solar firm Sun Africa, supports a CFA 700 billion initiative to expand renewable energy production and modernize the national power grid.
