French oil giant Total continues its disengagement from West Africa by selling off its assets in Burkina Faso a few weeks after a similar move in Mali.
Total Energies announced on Tuesday, February 18, the sale of its assets in Burkina Faso to Coris Investment Group, a company led by Burkinabe businessman Idrissa Nassa. The announcement follows the January sale of its assets in Mali to Coly Energy, in partnership with Benin Petro SA.
The information regarding the sale in Burkina Faso was communicated by Badara Mbacké, head of commercial development for West Africa at Total, during a meeting with Serge Gnaniodem Poda, Burkinabe Minister of Industry, Commerce, and Handicrafts.
“We came to inform the authorities of the evolution of our portfolio in Africa and the conclusion of an agreement with a major player in Burkina Faso, Coris Investment Group, for the takeover of our assets in the country,” Mr. Mbacké said after the audience.
For the sale in Mali, the agreement was formalised during a meeting between a delegation from Coly Energy, led by René Hounsinou, and Malian Prime Minister, General Abdoulaye Maïga. This transaction retained the company’s 1,109 employees.
Coris Investment Group, already present in the banking and insurance sectors in Burkina Faso, is thus extending its activities to the energy industry. The finalisation of the sale of assets in Burkina Faso remains subject to regulatory procedures regarding mergers and acquisitions.
Mali and Burkina Faso along with Niger are members the Confederation of Sahel States (AES).
Both Mali and Burkina Faso recently renounced their military agreements with France.
HO/ac/lb/as/APA