Africa Finance Corporation (AFC) announced that it has entered into a Joint Development Agreement with Brahms Oil Refineries Limited to act as co-developer on the development and subsequent financing to a petroleum storage and linked to the refinery project in Kamsar, Guinea.
The agreement will include a 76,000m3 crude oil storage terminal; 114,200m3 storage terminal for refined products; additional support transportation infrastructure and 12,000 barrels oil per day modular refining facility.
“We are delighted to work with Brahms to accelerate the development of this instrumental project in Guinea, an AFC member state. The Brahms refinery project will have a tremendous impact in the country’s development,” AFC’s Senior Director Project Development and Technical Solutions Team, Amadou Wadda, says.
The agreement comprises a refinery that has a capacity equivalent to one-third of Guinea’s demand for refined products., which will reduce the country’s reliance on imported refined products, improving the country’s economy.
“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. We will greatly benefit from AFC’s experience in setting up and financing infrastructure projects,” Daouda Fall, CEO of Brahms Oil Refineries Limited, added.