Ivory Coast to invest nearly $1 bln in oil product storage, transport

Ivory Coast plans to invest almost $1 billion in oil product pipelines and storage in a bid to create the largest fuel hub in sub-Saharan Africa, its energy ministry said late on Tuesday.

Demand for fuels is booming in Africa, especially for transport fuels diesel and gasoline due to a rising population. The majority of those fuels are currently imported due to limited refining capacity.
"The mass storage company will be tasked with building 1.5 million cubic metres (nearly 1.2 million tonnes) of storage by 2020, making Ivory Coast the "Rotterdam" of Africa and the biggest oil product market in sub-Saharan Africa," the statement said, referring to the giant storage hub in Europe.
The storage company will invest 420 billion CFA Francs ($718.46 million) and the transport company will invest 150 billion ($256.59 million).
A dozen investors have shares in the two new companies, including French oil major Total and French industrial conglomerate Bollore, it said.
It named other investors as: Vivo, Puma, Sahara, IPSL, Agility, Petro-Ivoire, Oil Libya, Sonabhy, Petroci and Mali.
(C) Reuters News