Summary of Proposed Investment
Project Number
7438
Company Name
PETRO IVOIRE
Date SPI Disclosed
Apr 3, 1996
Country
Cote D'Ivoire
Industry
Manufacturing
Status
Completed
Sector
Natural Gas Distribution
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : May 17, 1996
Signed : Jun 6, 1996
Invested : Aug 26, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Côte d’Ivoire-PETRO IVOIRE S.A. |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateMay 28, 1996
Company NamePetro Ivoire S.A.(PI)
Technical Partner and/or Major Shareholders
The core sponsors are Messrs Mathieu Kadio-Morokro, Marceau Kakou, Famien L. Morrisson and Silué Nembelessini, all Côte d’Ivoire nationals, who own together 42.5% of share capital. A group of small Ivorian passive investors owns 19.3%, while Amra Ltd, a foreign shareholder, has 4.2% and Petroci (a parastatal) 34%.
Project Cost Including proposed IFC investment
Total project cost is estimated at CFA 1.3 billion (US$2.7 million equivalent) and IFC has been asked to provide a venture loan of US$1,140,000 equivalent representing 42% of the project cost.
Location of project and Description of site
The proposed 10-petrol station network project will have its headquarters in Abidjan. Six of the stations will be located in the greater Abidjan area, on the main boulevards, toward newly developing residential areas. Bouaké, Daloa and the port of San Pedro, the three other cities where PI stations will also be established, are among the country’s fastest growing cities in terms of business potential and population.
Description of Company and Purpose of Project (include IFC role/development impact)
PI intends to distribute all major white petroleum products in the Ivorian market and compete with long established industry leaders like Shell, Elf, Texaco, Mobil and Total. PI’s objective is to capture 4 to 5% of the market or 45 to 50,000 cubic meters by 1997. The project will be the first indegeneous enterprise to venture into the strategic sector of petroleum distribution in Côte d’Ivoire. It will create a small independent 10-petrol station network.
IFC’s support of PI will give credibility to a fledging venture sponsored by small investors. It is expected to have a strong catalytic effect. In particular it should encourage commercial banks to provide support in financing the company’s working capital needs. The presence of IFC among PI’s creditors will reinforce the latter’s image in the marketplace.
Environmental Category and Issues
This is an environmental review Category B project. Environmental issues associated with this project include solid and liquid waste disposal, secondary containment of fuel and oil storage tanks, and disposal/recycling of oils and motor fluids. Occupational health and safety issues include emergency response preparedness, employee training, fire safety, nad regular safety inspections. The sponsors have submitted an environmental management plan addressing the issues listed above.
The is April 15, 1996 from the Public Information Center.
| Date SPI sent to PIC | April 3, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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