Côte d'Ivoire: Historic agreement opens up new prospects for local oil and gas companies

A major step has been taken in the development of Côte d'Ivoire's energy sector. Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy, presided over a signing ceremony for a memorandum of understanding between the Société Africaine d'Investissement en Énergie (AEICORP) and the Groupement des Entreprises de Services Pétroliers et Gaziers de Côte d'Ivoire (GES-PETROGAZ-CI). The event, held in the Minister's office, marks a turning point for local companies in the hydrocarbons sector.

Represented by its Managing Director, Zakaria Dosso, AEICORP, a financial institution affiliated to the African Petroleum Producers Organisation (APPO), is joining forces with GES-PETROGAZ-CI, headed by its Chairman Kamel Koné, in a strategic partnership. The agreement aims to facilitate access to finance for African companies involved in the exploitation of natural resources, while strengthening the development of local content.

In his speech, Minister Sangafowa-Coulibaly welcomed the initiative, underlining its importance for African countries rich in natural resources. "This agreement will give local companies access to the financing they need to compete with international players who are often better endowed with resources," he said. He also stressed the need for these companies to continue building their skills in order to remain competitive in a demanding market.

The minister reaffirmed the Ivorian government's commitment to supporting local players in the hydrocarbons sector. "We have noted that you need support to improve your performance. The State's support will remain constant to make you national and regional champions", he assured.

Zakaria Dosso, head of AEICORP, described the agreement as "decisive" for the future of the energy sector in Côte d'Ivoire. In his view, this partnership illustrates the institution's determination to meet the major challenges of financing the hydrocarbon industry. "Our objective is to provide our member countries with the tools and resources they need to meet local content requirements and seize market opportunities", he explained.

The CEO also appealed to local companies to work closely with AEICORP to boost their competitiveness, both nationally and internationally. "This protocol paves the way for close cooperation and new economic prospects", he added.

For his part, Kamel Koné, Chairman of GES-PETROGAZ-CI, made no secret of his enthusiasm at this breakthrough. "This agreement represents a historic opportunity for Ivorian companies. It represents a significant step forward in the financing of our industry and the development of local content, two essential pillars for the future of hydrocarbons in Côte d'Ivoire," he said.

Paying tribute to Minister Sangafowa-Coulibaly's efforts on behalf of the sector, he stressed the importance of a pan-African solution supported by AEICORP. "Today, thanks to this agreement, we can talk about African solutions for financing African energy", he concluded optimistically.

This memorandum of understanding is part of a wider drive to develop local skills and resources in Côte d'Ivoire, a country with ambitions to become an energy hub in West Africa. By facilitating access to financing and building the capacity of national companies, this collaboration between AEICORP and GES-PETROGAZ-CI could well lay the foundations for a more inclusive and competitive hydrocarbon industry.

With all eyes now on the implementation of this agreement, players in the sector hope that this initiative will inspire other African countries to follow suit, so that natural resources can be exploited for the benefit of local populations and economies.