 PROFILE |
 PURPOSE
The management, on its behalf or for that of the State of Côte d'Ivoire, of its shares in its participation within the oil sectors, notably the sectors of:
The research and the exploration of oil deposits and all other related substances.
The industrialisation, transportation and stocking of these substances and all products and by-products,
The controle and coordination of its subsidiary companies as well as assisting the management of these companies through the reseach and implementation of fundings necessary to their activities and development.
The legal representation of the State in petroleum related activities including the designation of contracts to any company having the technical, financial and legal ability necessary for this purpose.
The assistance of the State of Côte d'Ivoire in the petroleum sector.
As well as all financial, real estate, commercial, technical or other operation directly or indirectly related to the above stated purposes.
| PETROCI GROUP |
| PETROCI GROUP - THE POWER OF A GROUP TO SERVE THE DEVELOPMENT OF A NATION |
The National Oil Operating Company of Côte d' Ivoire (PETROCI) was set up on October 21, 1975 with the principal mission to research the exploitation of hydrocarbons in Côte d'Ivoire. In less than twenty five years, PETROCI has known a growth of its activities, and that has allowed it to be present in the main sectors of the hydrocarbons industry (butane gas marketing and industries related to hydrocarbons).
With an original capital of 2 billion FCFA, its financial gains reflected its growth rate which have reached 20 billion FCFA.
The Côte d'Ivoire's ambitious oil and mining policy initiated by the governement was going to give PETROCI a renewed and powerful boost to make it more efficient and attractive.
On August 22nd, 1996 the government decided to transform and restructure PETROCI into a group of companies comprimising a Holding company (PETROCI Holding), a 100% State owned company responsible for the State's portfolio managment in the whole oil sector, and three subsidiaires: PETROCI Exploration-Production, PETROCI Gas and PETROCI Industry Services. Up to 49% of the capital of all three companies being available to the private sector.
|
The ad hoc committee responsible for conducting the restructuration used the services of three consulting firms whose job it was to intervene on judicial, administrative and financial levels. These being: Arthur Andersen, DRH Consultants, and CICOP-CI.
On September 30th, 1996, at the end of their analysis and audit of PETROCI, the restructuration of the company seemed plausible and apparent.
On November 4th 1997, the Ivorian government authorises the cabinet to restructure PETROCI along the following lines:
The transformation of the present state owned company into a group companies.
The transfer of all assets to the subsidiaries.
The setting up of a state owned company named PETROCI Holding.
So by deed executed and authenticated by a notary and published on the 13-14 March 1998 in n°10023 of 'FRATERNITE MATIN', a daily newspaper, the three subsidiaries of PETROCI Group were created following the deliberations of the administrative council.
February 25th 1998, PETROCI Exploration-Production responsible for the exploration and production of hydrocarbons.
February 26th 1998, PETROCI Gas responsible for the development of the gas sector.
March 2nd 1998, PETROCI Industry-Services responsible for all other related services.
On June 3rd 1998, the cabinet completes the restucturation of PETROCI through the creation of a State owned company called PETROCI Holding, responsible not only for the management of the State's interests in the newly operational subsidiaries but also the State's former interests in the Ivorian oil sector.
The group is carrying out an ambitious oil policy that will make of Côte d'Ivoire by the year 2005 the Rotterdam or Singapore of the sub-region, that is to say the service station of West Africa with the objective of: an oil production likely to reach 100,000 barrels per day, the construction of the pipeline network to supply West African countries (Togo, Burkina Faso, Guinea, Mali, Benin, and Ghana ) and the construction of a chemical fertilizer factory. |
