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Projects

Project Brief

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
2014
Status
Active
Guarantee holder
SCDM Energie
Investor country
United Kingdom
France
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
 $95.0 million
Project type
Non-SIP
ESRS
Revised Environmental and Social Review Summary for Block CI 27 Expansion Program in Côte d'Ivoire

View Summary of Proposed Guarantee


Project Description

On June 30, 2014, MIGA issued guarantees of $95 million covering an equity investment by SCDM Energie SAS of France and a non-shareholder loan from HSBC of the United Kingdom for the CI 27 gas field in Côte d’Ivoire. The coverage is against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

This coverage is in addition to the coverage MIGA issued in December 2012 and June 2013 for the Block CI 27 Expansion Program. The new coverage brings MIGA’s gross exposure under the project to $515 million. The tenor of the guarantees remains seven years from 2012.

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).

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 while the country struggled with civil conflict. Now that the country’s situation has improved, 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 support for this investment is also aligned with the agency’s strategy of supporting investments in countries eligible for concessional financing by the International Development Association, countries affected by conflict, and complex infrastructure projects.

 

 
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