Financial Rating of Major Oil and Gas Distribution Company in West Africa

Abidajn, Ivory Coast: The leading company in oil and gas distribution PÉTRO IVOIRE has confirmed the official exit of AFRIC INVEST and CAURIS CROISSANCE from its capital. As it was expected, the two investment funds have finally yielded their ownership after holding the stakes for 5 years.

In 2011, PÉTRO IVOIRE consolidated its position as an Ivorian leader in terms of petroleum and gas products distribution. In order to expand its market share and network into the north of the country, it opened three new gas stations. Its transparency policy towards investors and financial markets is reflected by the excellent risk rating it received from the BLOOMFIELD agency and by its ranking on NYSE Euronext Paris in October 2011. The company main objective is sustained growth and will do whatever is necessary to succeed. The outlook for 2012 is positive, the increase in petroleum consumption in PÉTRO IVOIRE’s fuel stations by business clients tends to suggest a sustained resumption of economic activities in Ivory Coast.

With Mathieu and Sébastien Kadio-Morokro at its head, PÉTRO IVOIRE is the oldest Ivorian private company that works in hydrocarbon distribution. It owns 28 gas stations all across the entire country. Since 2007, it has also been distributing butane. The company associated with occidental entity GEOGAS (a global leader in sale and transport of liquefied petroleum gas – LPG) in the SAEPP subsidiary where PÉTRO IVOIRE owns 62% of the shares. Today, this partnership allows it to benefit from an additional 1500 metric ton storage capacity besides its existing 225 ton capacity. It should be noted that butane distribution capacities are limited to Abidjan: this explains the strategic choice of complementary activities.

Among its clients are individuals, professionals, thermal power plants, and air and ocean carriers. Its products range from the more common to the more specific: diesel fuel (for diesel engines), petroleum, unleaded super gasoline (for gasoline engines), DDO (for diesel furnaces and engines), Avjet, fuel-oil (for thermal power plants and ships), kerosene (for aviation), domestic kerosene (for outdoor lighting in rural areas), etc. Petroleum derivative products are also sold by the company, namely asphalt and liquefied petroleum gas.

PÉTRO IVOIRE owns a LPG filling center for bottles 6 kg to 12.5 kg. The center’s production capacity is supposed to double this year and reach 160 tons per day.

In order to survive and increase its profitability in an industry that is dominated by multinationals, PÉTRO IVOIRE had to expend considerable efforts in the past. Even today, it focusses on satisfying customer service at a low cost, positive and accessible social image, qualified personnel, long-term investments and assiduous control of management to ensure continuing activities. BLOOMFIELD INVESTMENT, a renowned African financial rating agency, states PÉTRO IVOIRE ranking according to the outlook and fundamentals of society. Below is a table illustrating where it stands.

PETROIVOIRE is listed on the free market NYSE-Euronext Paris (MLPIV-ISIN Code CI 0000001020)