SIR secures a 254 billion FCFA loan structured by BOAD to produce low-sulfur diesel

On the sidelines of the 2nd edition of the BOAD Development Days, the Société Ivoirienne de Raffinage (SIR), the Ivorian oil refinery company) secured a financing package of 254 billion FCFA to produce diesel that meets the new environmental standards set by ECOWAS. This landmark operation combines energy transition, financial innovation, and regional cooperation.

Faced with the tightening of environmental regulations in West Africa, Côte d’Ivoire is accelerating the upgrading of its refining infrastructure. In this context, SIR signed a financing agreement on June 11, 2026, in Lomé, with a consortium of eight Ivorian banks (Banque Atlantique, BICICI, Bridge Bank, Ecobank, NSIA Banque, Société Générale, and Société Ivoirienne de Banque), as part of a financial operation designed and structured by the West African Development Bank (BOAD).

See also: Côte d’Ivoire: 545 billion FCFA for a hydrodesulfurization complex to produce “ultra-clean” diesel

This funding will support the construction of a new industrial unit aimed at drastically reducing the sulfur content of diesel produced in Côte d’Ivoire, in line with the ECOWAS directive setting a maximum threshold of 50 parts per million (ppm).

According to Tiotioho Soro, Managing Director of SIR, this investment responds to a binding regional requirement. “The State of Côte d’Ivoire has committed to producing this diesel by January 1, 2031,” he recalled, stressing that the new facility will bring Ivorian diesel up to international standards while significantly improving air quality and reducing pollutant emissions.

An energy transition project with no impact on consumers

One of the key features of the project lies in its financing model. Thanks to state involvement and the mobilization of the financial sector, the cost of the modernization will not be passed on to fuel prices. “The higher-quality diesel will be sold at the same price,” assured the SIR CEO.

The mobilized financing benefits from maturities ranging between 10 and 12 years. The new unit is scheduled to enter into service in 2030, in order to comply with the regional regulatory deadline set for 2031.

With an announced capacity of 200 tons per hour, the facility will meet rapidly growing domestic demand. Diesel consumption in Côte d’Ivoire currently stands at 1.6 million tons per year and is expected to approach 2 million tons by 2030.

A financial operation that has become a regional symbol

For the financial actors involved, the transaction goes far beyond a simple industrial financing deal. “It is прежде all a financial innovation,” said Paul-Harry Aithnard, Managing Director of Ecobank Côte d’Ivoire.

According to him, the structure demonstrates the ability of regional institutions to mobilize massive resources to finance strategic projects in an international environment marked by volatility, uncertainty, and complexity.

BOAD, architect of the financial structure

While commercial banks provided the necessary resources for the project, all stakeholders unanimously highlighted the decisive role played by BOAD in structuring the operation.

The regional institution provided financial engineering, coordinated the various partners, and designed the financing architecture. “Without BOAD, this transaction could not have happened,” stated Paul-Harry Aithnard.

The Ecobank executive also praised the involvement of BOAD President Serge Ekué in bringing the project to fruition. “They organized the entire financial structure. They facilitated collaboration between the different commercial banks involved. They played a truly structuring role,” he emphasized.

It should be noted that this financing represents the CFA franc-denominated component of the SIR industrial project, whose total cost is estimated at 545 billion FCFA. The foundation stone of the facility was laid on October 2, 2025, at the Vridi site in Abidjan, during a ceremony chaired by Prime Minister Robert Beugré Mambé.