Global law firm Norton Rose Fulbright, has advised Africa Finance Corporation (AFC), pan-African multilateral development finance institution, on the debt financing of Société Ivoirienne de Raffinage (SIR), under a multi-currency long-term credit agreement in euros and CFA francs for approximately 600 million euros.
SIR is the only oil refinery in Ivory Coast. Created in 1962, SIR provides crude oil refining and petroleum products distribution all over Ivory Coast. Equipped with two atmospheric distillation units producing 75.000 barrels per day and one hydrocracker producing 18.000 barrels per day, SIR has a capacity of 3.8 million tons per year for an income of more than 1.6 billion euros. The geographic location of SIR turns it into a strategic hub in relation to its markets, which fosters the marketing of their products.
Anne Lapierre, global head of energy at Norton Rose Fulbright, comments: “We are very pleased to have assisted Africa Finance Corporation on this refinancing deal for Société Ivoirienne de Raffinage. Energy development is key for the development of Ivory Coast and for the region in general, where our law firm advises on a significant number of projects.”
The team was led by Anne Lapierre, assisted by of counsel, Véronique Bruel and Paolo Pinna. The team was supported in London by partner Davide Barzilai on funded and risk sub-participation aspects, and in Singapore by partner Colin Rice on hedging aspects.
For further information please contact:
Carole Guettier, Senior business development manager, Norton Rose Fulbright LLP
Tél: + 33 (0)1 56 59 52 75
Charles Billiard, Communication Executive, Norton Rose Fulbright LLP
Tél: + 33 (0)1 56 59 52 96
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