African Development Bank has announced the approval of a loan of €200Million to finance the “Clean Air” project carried out by the Société Ivoirienne de Raffinage (SIR), Côte d’Ivoire’s state-owned petroleum refinery based in Abidjan.
The money is a significant fraction of the €833Million invoice for the design, construction, and commissioning of a diesel hydrodesulfurisation (HDS) complex to produce ultra-low-sulfur diesel at the facility.
The project will be financed by a consortium of development financial institutions and partners. As mandated lead arranger, the African Development Bank will play a central role in structuring the financing and mobilising additional resources for this strategic operation. The commissioning of this new HDS complex is planned for 2029.
“By enabling Côte d’Ivoire to produce ultra-low-sulfur fuels, the Clean Air project combines industrial modernisation and climate action, while improving public health across West Africa,” said Kevin Kariuki, Vice-President of the African Development Bank Group for Power, Energy, Climate and Green Growth. “The African Development Bank is proud to support this transformation, which will help make cities cleaner, improve vehicle engine efficiency, and preserve the competitiveness of Côte d’Ivoire’s fuel industry.”
Founded in 1962, the 80,000Barrel Per Stream Day capacity SIR handles the refining of crude oil, and the distribution of petroleum products in Côte d’Ivoire and other parts of the world, according to its website.
“The project will strengthen the energy security of Côte d’Ivoire and several neighbouring landlocked countries, notably Mali and Burkina Faso, which partly source refined petroleum products from SIR. It will help preserve the competitiveness of one of the largest working refineries in West Africa, amid tightening regional and international environmental requirements’, AfDB says..
The complex is expected to generate some 1,140 jobs on-site during construction. After it becomes operational, 82 additional permanent staff are expected to be hired, while maintaining approximately 900 existing jobs. A skills development program for around 50 employees is also planned, to support the operation of higher-performing and more environmentally friendly technologies.
