BOCOM Petroleum secures €50mn financing package from IFC

BOCOM Petroleum has entered into a partnership with IFC that will see it receive a EUR 50mn financing package comprising a loan of up to EUR 25mn from the DFI’s own account, a EUR 15mn concessional loan from IDA-PSW BFF and a parallel loan of up to EUR 10mn which it expects to mobilise from another DFI.

The financing will allow the Cameroonian company to grow its activities across the country—in particular expanding its main LPG storage and filling centre, developing new distribution regional hubs and purchasing trucks to transport LPG cylinders.

BOCOM is a downstream distributor of petroleum products in Cameroon (LPG, lubricants, gasoline, diesel and kerosene). It operates a network of 80 fuel stations throughout the country and owns the only private LPG coastal storage facility in the country. It is also the only manufacturer of lubricants (through a blending process) in the country and Central Africa.