Africa Finance Corporation and Brahms Oil Refineries have signed a joint development agreement for a new petroleum storage and refinery project in Kamsar, Guinea.
This joint development will include a 76,000 m3 crude oil storage terminal, a 114,200 m3 terminal for refined products, ancillary support transportation infrastructure and a 12,000 barrel per day modular refining facility.
AFC will invest in the project development workstreams to help ensure that the project reaches financial close in 2020.
The project will be instrumental for Guinea to achieve its economic and developmental goals, which are severely hampered by Guinea not having any refining capacity. Once operational, the refinery will have the capacity equivalent of one-third of its demand for refined products, reducing Guinea’s reliance on imported refined products, improving the country’s balance of payments, and reducing foreign currency demand.
The facility is located in Kamsar, which is one of the larger mining regions in the country. In addition, AFC is considering several projects in the country to create an integrated ecosystem. This would include a 33MW solar project port, and other mining projects.
Amadou Wadda, senior director project development and technical solutions team at AFC, says: The Brahms refinery project will have a tremendous impact in the country’s development.
Brahms Oil Refineries CEO Daouda Fall adds: ‘To partner with AFC is a great milestone and brings us one step closer to our goal of reaching financial close in early 2020 and kickstarting construction.