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Petrojetty Company Limited, an affiliate of Oryx Energie has signed a public private partnership (PPP) concession for the development and operation of a new state-of-the-art petroleum jetty at Sierra Leone's key import and export facility, the Kissy Oil Terminal, Freetown.
The agreement grants Petrojetty the right to design, construct and operate a jetty for the import and export of petroleum products, edible oils and biothanol. The new jetty, which is expected to be completed by early 2015, will increase capacity, comply with international standards and facilitate access with international markets efficiently and economically.
The investment for he project is estimated at €26 million.
Petrojetty will develop and operate the jetty for 21 years in a PPP with the Government of Sierra Leone after which the facilities will revert to Sierra Leone's Port Authority. Oryx Energies signed a concession agreement with Sierra Leone's authorities in October 2013 and the agreement was ratified by the country's parliament in February 2014.
Eversheds has advised Petrojetty Company Limited in the process.
The new jetty was designed to last for fifty years and will be built to match International standards.
Howard Barrie from Evershed said:
"The new jetty will increase the amount of hydrocarbon products that can be imported in a much safer environmental way. It is strategically important for the country's growing energy needs. The Government, through the National Commission for Privatisation, decided on using a public private partnership, an innovative approach for Sierra Leone, with a private sector entity being responsible for the new jetty's development and operation.
"Africa offers a wealth of opportunities for new infrastructure projects and we are pleased to have played our part in such a vital and novel development for Sierra Leone."