AFC signs joint development agreement with Brahms for Guinea refinery. Credit: John R Perry from Pixabay.

Infrastructure solutions provider Africa Finance Corporation (AFC) has agreed to act as a co-developer of a petroleum storage terminal and associated refinery project in Kamsar, Guinea, through a joint development agreement with Brahms Oil Refineries.

AFC noted that the agreement also includes subsequent financing and development.

Under the joint development, the plan includes a 76,000m³ crude oil storage terminal and a 114,200m³ refined products storage terminal.

It also includes various transportation infrastructure facilities and a 12,000bpd modular refinery.

AFC will invest in the project development workstreams through this joint development to ensure that the project reaches its financial closure in next year.

AFC project development and technical solutions team senior director Amadou Wadda said: “We are delighted to work with Brahms to accelerate the development of this instrumental project in Guinea, an AFC member state.

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“The Brahms refinery project will have a tremendous impact on the country’s development.”

The project will have a refinery capacity, which is equivalent to one-third of its demand for refined products, thereby decreasing its reliance on imported refined products.

It will also improve the country’s balance of payments, reduces demand for foreign currency, and allows the creation of direct and indirect jobs.

Brahms Oil Refineries CEO Daouda Fall said: “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.”

AFC also mentioned that it is considering several projects in the country to create an integrated ecosystem to increase its market.