As for the Board, it is composed of three members as listed below:
MC PETROLEUM COMPANY, LLC
MC PETROLEUM INTERNATIONAL SA
NAHOUNOU INVESTMENT GROUP, LLC
CIPEM SA plays a role in assisting Ivorian government corporations, such as PETROCI Holding and SODEMI to optimize their activities in their respective sector, these being mainly long-term and requiring high-level of investment funds.
CIPEM SA, founded in 2008 by Mr. Koré Robert NAHOUNOU, is a privately held company registered in Côte d’Ivoire, specialized in Oil, Mining and Engineering activities. With a registered capital of 50 million CFA, CIPEM SA has currently four shareholders.
MC PETROLEUM COMPANY, LLC who holds 64 %
NAHOUNOU INVESTMENT GROUP, LLC who holds 29.96 %
MC PETROLEUM INTERNATIONAL SA who holds 3.20%
INDIVISION NAHOUNOU who holds 2.84%
Working interests in the company
To this purpose, CIPEM SA facilitates the execution of the projects initiated by PETROCI or the SODEMI through its know-how and expertise. Among other projects, CIPEM SA supervised the construction of the ABIDJAN- BOUAKE refined products pipeline that is 385 km long in Côte d’Ivoire.
As for exploration and production activities, CIPEM SA is member of the consortium exploiting the CI-11 Offshore block located in the Ivorian sedimentary basin since 2010 with a current working interest of 26.9048%, the other members being the operator
PETROCI CI-11 (47.9592%)
PETROCI Holding (20.136 %)
HYDRODRILL SA (5%)
Working interests in the CI-11 petroleum block in Côte d'Ivoire
Both Oil and Gas are produced from the CI-11 block. The crude oil produced is piped directly to the local refinery ‘SIR’ in Abidjan and stored to be sold on the open market. The Natural gas produced is piped to the Vridi Terminal to be treated in the "Lion GPL" plant. The natural gas is then delivered directly to the local refinery (SIR) and to the local power plants (CIE/CIPREL, Aggreko and AZITO).
The consortium operating the CI-11 block has also many infrastructures such as pipelines used by other producers in Côte d’Ivoire for Oil and Gas transportation from which CIPEM SA gets significant revenues as transportation fees. Our two clients regarding Oil and Gas transportation are currently FOXTROT International and CNR International.
CIPEM SA intends to pursue its expansion by acquiring new stakes in other oilfields worldwide as well as developing local projects mainly in the energy sector. Its annual turnover is currently about $US 7 million. At the end of the 2017 fiscal year, the company posted a net income of CFA F 1.816 billion, representing about US $ 3.131 million.