I/Coast to stop petrol ex­port to Nige­ria

Daily Trust - - BUSINESS - By Daniel Adugbo with agency re­port

Ivory Coast plans to stop re­fined petrol ex­port to Nige­ria in ten years’ time from now to meet grow­ing do­mes­tic de­mand, an of­fi­cial of the coun­try’s oil re­fin­ery has hinted.

The So­ciété Ivoiri­enne de Raf­fi­nage (SIR), lo­cated in the coun­try’s com­mer­cial cap­i­tal, Abid­jan, pro­vides Ivory Coast with nearly all of its re­fined pe­tro­leum prod­ucts and sup­plies a num­ber of neigh­bour­ing coun­tries, in­clud­ing Nige­ria.

Nige­ria is SIR’s pri­mary sup­plier of crude oil and main pur­chaser of re­fined petrol, tak­ing 36 per cent of its re­fined fuel ex­port, SIR said on its web­site.

Around 35 per­cent of SIR’s out­put was con­sumed do­mes­ti­cally in 2011, with the re­main­der ex­ported.

But Reuters re­ported the Man­ag­ing Di­rec­tor of SIR, Thomas Ca­mara, say­ing on the side­lines of an en­ergy con­fer­ence in Ya­mous­soukro at the week­end that do­mes­tic con­sump­tion in­creased to 50 per­cent last year.

He said that with Ivory Coast’s post­war econ­omy boom­ing and growth rates near­ing dou­ble dig­its, de­mand was ex­pected to rise fur­ther.

“In ten years, the re­fin­ery’s to­tal pro­duc­tion will be ab­sorbed by the na­tional mar­ket and noth­ing will be left to ex­port,” he said.

The re­fin­ery, which has the ca­pac­ity to process over 80,000 bar­rels of crude daily, hit a 30-year pro­duc­tion record of 3.45m tonnes of re­fined prod­ucts in 2015 and out­put was on track to rise fur­ther in 2016, Ca­mara added.

Nige­ria im­ports ma­jor­ity of its re­fined petrol from Europe as decades of poor main­te­nance, cor­rup­tion and mis­man­age­ment have left the coun­try’s re­finer­ies barely op­er­a­tional.

But the coun­try’s sit­u­a­tion would change by 2019 af­ter the com­ple­tion of Aliko Dan­gote’s 650,000 bar­rel per day oil re­fin­ery with ca­pac­ity to pro­duce 55.2m litres of petrol daily.

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