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Projects

Summary of proposed guarantee

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Block CI 27 Expansion Program
Project ID
11093
Fiscal year
2013
Status
Active
Guarantee holder
HSBC
SCDM Energie
Investor country
France
United Kingdom
Host country
Cote d'Ivoire
Environmental category
A
Sector
Oil and Gas
Date SPG disclosed
August 30, 2012
Project Board date
October 30, 2012
Gross exposure
 $600.0 million
Project type
Non-SIP
Strategic priority area
Complex Project
Conflict Affected
IDA
ESRS
Revised Environmental and Social Review Summary for Block CI 27 Expansion Program in Côte d'Ivoire

This summary covers an existing equity and shareholder loan by SCDM Energie of France and a non-shareholder loan from HSBC of the United Kingdom and a syndicate of commercial banks for the CI 27 gas field in Côte d’Ivoire. The investors have applied for MIGA guarantees of up to $600 million for a period of up to 12 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

The project consists of the construction and operation of Block CI-27 on/offshore oil and gas facilities including an existing production platform (Foxtrot), gas transportation and onshore facilities, and a greenfield platform (Marlin).

Environmental Categorization

The project is a category A under MIGA’s Policy on Social and Environmental Sustainability. Click here to view the Environmental and Social Review Summary.

Development Impact

The Block CI 27 expansion project aims to meet the country’s growing energy demand. Côte d’Ivoire’s energy sector has suffered from a lack of investment during the last 10 years, as the country struggled with civil conflict. Now that situation is improving, a significant increase in energy investment is necessary to meet the population’s needs and support further development.

Tapping Côte d’Ivoire’s gas resources will reduce the country’s energy costs and limit the use of foreign reserves for energy imports.

The project is aligned with the World Bank Group’s Country Assistance Strategy for Côte d’Ivoire, which stresses the critical importance of building energy capacity to sustain economic progress.

MIGA’s proposed support for this investment is also aligned with the agency’s strategy of supporting investments into the world’s poorest countries, countries affected by conflict, and complex infrastructure projects.

 
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