Sahara Energy, Petroci sign joint venture agreement

Sahara Energy Logistics Holding Limited, an arm of Sahara Group of Companies, Société Nationale d’Opérations Pétrolières de la Cote d’Ivoire, National Oil Company of Cote d’Ivoire, and Petroci Holding have signed a Joint Venture Agreement (JVA).

The JVA is to facilitate the construction of a 12,000 metric tonnes Liquefied Petroleum Gas (LPG) storage facility to guarantee LPG supply security in the nation.

According to Sahara Group’s spokesman, Bethel Obioma, the cost of the project is estimated at $43 million and will be executed in two phases, with inauguration scheduled for November, next year and October 2022.

Incorporated as SAPET Energy S.A., the JV company will handle the construction, operation, and maintenance of the LPG storage terminal.

Upon completion, the facility will become the largest of its kind in sub-Saharan Africa, and more importantly, support the government’s efforts to meet Cote d’Ivoire’s growing LPG demand.

Speaking during the signing of the agreement, Dr. Ibrahima Diaby, director-general, 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 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.”

Country Manager, Sahara Energy, Olayemi Odutola, said the project was in tandem with Sahara Group’s commitment to promoting clean energy in Africa through investments, new technology, and collaboration with regional and global institutions.

He stated that the partnership with Petroci further reiterated Sahara Group’s support and commitment to enhancing economic growth in Cote d’ Ivoire and contributing to the UN SDG7 goal which aims at ensuring access to affordable and clean energy.

“We are excited about the project and the huge opportunity it will confer on Cote d’ Ivoire as the leading LPG hub in the sub-region. Sahara Energy continues to support the energy value chain in the nation as a foremost partner.

“Sahara Group remains unwavering in its commitment to enhance capacity, productivity, reliability, safety, profitability, competitiveness, and sustainability in Africa’s energy sector.

“We will continue to explore other investment and partnership opportunities to replicate similar projects across the continent,” he said.