Africa Finance Corporation (AFC) and Brahms Oil Refineries, which is part of Brahms Group, have signed a Joint Development Agreement for the development and subsequent financing to a petroleum storage and associated refinery project in Kamsar, Guinea.

The project will include a 76,000 cbm crude oil storage terminal; 114,200 cbm storage terminal for refined products; ancillary support transportation infrastructure, and 12,000 barrels oil per day modular refining facility.

Through this joint development, AFC will invest in the project development workstreams that should ensure the project reaches financial close in 2020.

This project will be instrumental for Guinea to achieve its economic and developmental goals, which are severely hampered by Guinea not having any refining capacity. Once operational, the Project will have a refinery capacity that is the equivalent of one-third of its demand for refined products, thereby reducing its reliance on imported refined products, improving the country’s balance of payments, and reducing foreign currency demand. It will also allow for direct & indirect job creation and enhance the development and productivity of other sectors, especially mining, which today accounts for 15.3 per cent of the country’s GDP but could contribute even more if the country had the necessary infrastructure to maximise and locally beneficiate its natural resources. The project is strategically located in Kamsar, which is one of the larger mining regions in the country.

To increase its impact on Guinea, AFC is considering several projects in the country to create an integrated ecosystem. This would include, alongside this Project, a 33MW solar project port, and other mining projects, all of which will complement AFC’s earlier investment in Alufer’s Bel Air bauxite mine.

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8th December 2019