Amethis Finance has completed, together with the two other main shareholders of the company, WAEMGF and the Kadio-Morokro family, a capital increase of Petro Ivoire, a gas company in Ivory Coast.

Amethis and WAEMGF will also appoint additional members at the Board of Directors.

Following Amethis’ initial investment in July 2013, PetroIvoire has been doing extremely well in terms of growth, both organically and externally.

It has expanded its network from 32 to 67 service stations and built a joint-venture with TOTAL and GEOGAS (SAEPP) which owns a 3,000 ton gas storage container capacity (including a newly built 1,500 ton tank).

Petro Ivoire is now the third player of the Ivorian market on the liquid segment and the second one on the gas segment.

Total volumes sold in 2015 amounts to 131,000 T for oil and 51,000 T for gas.

Amethis Finance had initially purchased 39% of the capital of Petro Ivoire, to two of the three founding shareholders.

This new investment through a capital increase and convertible bonds will allow the company not only to strengthen its financial structure but also to finance additional investments to bring Petro Ivoire to the next stage of its development.

Laurent Demey, Managing Partner of Amethis, said: “Amethis is very proud to strengthen its partnership with Petro Ivoire in this new phase of its development as well as the ambition of the management and the founding family to build a market leader in Ivory Coast”.