9 November 2020
Deals | Africa | Côte d'Ivoire | Projects (Finance & Infrastructure)
The teams of international law firm Gide, working with Ivorian law firm SCPA 3K, under the coordination of Nicolas Jean (Gide), advised the national oil operations company of Côte d'Ivoire, PETROCI-Holding, on the construction of a liquefied petroleum gas (LPG) storage facility with capacity of 12,000 metric tons in the port of Abidjan, in partnership with SAHARA Energy Logistics Holdings Limited (SAHARA).
During a Council of Ministers meeting held on 9 September 2020, the government of Côte d'Ivoire approved the acquisition by PETROCI Holding of a stake in the share capital of SAHARA PETROCI Energy S.A (SAPET Energy), a joint venture that will develop, operate and maintain the storage capacity. This decision was formalised by the signature of a shareholders' agreement between PETROCI Holding (35%) and SAHARA (65%).
This new storage facility, the total cost of which is estimated at CFA 23.9 billion (approx. EUR 36.6 million), will increase Côte d'Ivoire's LPG storage capacity by 60%, thereby increasing consumption autonomy from 15 to 27 days and securing its LPG supply. The project will thus promote the uptake of LPG use, initiated by the government with a view to curbing deforestation and safeguarding the environment.
The Gide team was headed by partner Nicolas Jean (Projects - Finance & Infrastructure), working with associates Perrine Delandre, Célia Alao and Constance Emié on project aspects; partner Julien David on Corporate / M&A aspects; and partner Alexandre Gauthier and associate Thomas Brusq on public law aspects. SCPA 3K partner Adama Koné also acted for PETROCI Holding on aspects of Ivorian law.
SAHARA International was advised by BILE-AKA, BRIZOUA-BI & Associés.