AFC joins Brahms Oil Refineries to advance Brahms refinery project, Guinea

Brahms refinery project : Africa Finance Corporation (AFC) has signed an agreement with Brahms Oil Refineries, a part of the Switzerland-based Brahms Group, to join a petroleum storage and associated refinery project in Guinea.

Located in Kamsar, the project will include a 76,000m3 crude oil storage terminal, a storage terminal with a capacity of 114,200m3 for storing refined products, ancillary support transportation infrastructure, and a modular refining facility with a capacity of 12,000 barrels oil per day.

Africa Finance Corporation, through the joint development, will invest in the project development workstreams that will make sure that the Brahms refinery project in Guinea reaches financial close next year.

Daouda Fall – CEO of Brahms Oil Refineries 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.”

The petroleum storage and associated refinery project is expected to help Guinea achieve its economic and developmental goals, which are said to be hampered severely with the region not having any refining capacity.

Upon becoming operational, the Brahms refinery project will have a refinery capacity that is the equivalent of meeting one-third of Guinea’s demand for refined products, which will help in bringing down the reliance on imported refined products, boost the country’s balance of payments, and reduce foreign currency demand.

Amadou Wadda – Senior Director Project Development and Technical Solutions Team at Africa Finance Corporation said: “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.”