Summary of Proposed Investment
Project Number
8656
Company Name
PETRO IVOIRE
Date SPI Disclosed
Dec 15, 1998
Country
Cote D'Ivoire
Industry
Manufacturing
Status
Completed
Sector
Natural Gas Distribution
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 9, 1999
Signed : Jul 12, 1999
Invested : Jan 23, 2002
Project Description
Summary Of Project Information (SPI)
| Project Name | Cote d''Ivoire-Petro Ivoire II |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateJanuary 29, 1999
Company NamePetro Ivoire S.A.
Technical Partner and/or Major Shareholders
PI is owned 55% by a group of Ivorian investors, of which 43.6% is owned by Messrs. Morrisson, Morokro (Chairman) and Marceau (Vice President Finance), the founding group of Ivorians; Messrs. Morokro and Kakou have over 25 years experience in the Petroleum Products distribution sector as senior managers at the Shell Group.
Project Cost Including proposed IFC investment
The project cost is US$5.2 million and IFC''s proposed investment is a US$2.9 million equivalent guarantee of a local currency loan.
Location of project and Description of site
The Company is located in Abidjan, Cote d''Ivoire.
Five of the new stations will be located in Abidjan, and the other five in secondary Cote d''Ivoire cities.
Description of Company and Purpose of Project
The project is for Petro Ivoire to contruct ten new gas stations over three years (1999-2001) and increase its gas station network from its current eleven to twenty one stations. Petro Ivoire, founded in 1994 as the sole Ivorian-owned Petroleum Products distributor in the country, is currently operating eleven gas. IFC (through the AEF) helped the Company in its first expansion in CY1995/6 when it added 4 gas stations.
The purpose of the project is to increase the Company''s presence in the retail gas station segment.
Environmental Category and Issues
This is a category B project according to IFC''s environmental review procedure. The siting of new service stations will consider issues such as the location of power lines and transformers, depth to groundwater table, and distance to existing residential areas. Petro Ivoire will install underground petroleum storage tanks at the retail stations, as well as large above ground tanks at the central depot. Each underground/aboveground tank will be provided with secondary containment and will have the proper ventilation equipment and ancillary facilities for periodic inspection, spill prevention and ongoing maintenance. Storm drains that collect rain runoff from the gas station property and any oily wastewater generated at each station will be treated in an oil/water separator prior to discharge to the local drainage system. Appropriate measures are being taken in the design of all facilities to provide fire protection and facilitate early alarm in case of fire. Fire hydrants and portable fire extinguishers will be located at strategic points throughout each retail station. Petro Ivoire is committed to implementing a strong occupational health and safety policy, organizing effective safety training, providing medical services, supplying personal protective devices for its employees and providing appropriate equipment safeguarding. Based on its review of available information regarding potential environmental impacts and proposed mitigation measures, IFC concludes that the proposed project is being designed to meet World Bank policies, and environmental, health and safety guidelines.
The is from the Public Information Center.
| Date SPI sent to PIC | December 15, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
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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