Ivory Coast secures loan to support refinery revamp

Societe Ivoirienne de Raffinage has secured a €577-million debt financing to enable modernization work on its 76,300-b/d refinery in Vridi district of Abidjan, Ivory Coast. The purpose of the long-term debt financing funding is to repay historical obligations on crude supply, provide a long-tenured facility, and reduce the interest rate of SIR’s stock of debt, said Africa Finance Corp., which acted as sole mandated lead arranger and supplied €192 million as part of the transaction.