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IFC, IFC ALAC Fund Invest in Rialto Energy to Boost Côte d’Ivoire’s Oil and Gas Reserves


In Washington:
Josef Skoldeberg
Phone: (202) 473-6978
E-mail: jskoldeberg@ifc.org

In Nairobi:  
Neha Sud
Tel: +254 20 275 9441
Email:
nsud@ifc.org


Washington, D.C./ Abidjan, Cote d’Ivoire, March 26, 2012—IFC, a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund (IFC ALAC Fund) today agreed to invest approximately $20 million in Rialto Energy Limited to support the expansion of the company’s oil and gas exploration work in Côte d’Ivoire and help provide future natural gas for the country’s power sector.

The IFC ALAC Fund is managed by IFC Asset Management Company, a wholly owned subsidiary of IFC.  


IFC and the IFC ALAC Fund are investing $10 million each. Additionally, they each have the option to invest up to $8 million during the next four years. The investments will support Rialto in the exploration in the CI-202 offshore oil and gas block off the coast of the Grand Bassam region of Cote d’Ivoire.


Côte d’Ivoire has the potential for significant hydrocarbon resources but development of the oil and gas sector has been hampered by political and military crises during the past decade. Once developed, hydrocarbon production from Rialto’s operations will help address the current and projected gas shortages that are preventing growth in the country’s power sector.  


“Rialto is pleased to welcome IFC and IFC ALAC Fund as shareholders and strategic partners,” said Jeff Schrull, Managing Director and Chief Executive Officer of Rialto. “We look forward to drawing from IFC’s unique global and local expertise in the oil and gas sector as we move forward with our exploration program in Cote d’Ivoire.”


IFC will work with the company to ensure that the exploration and subsequent development is carried out in an environmentally and socially sustainable manner.

“We believe Rialto has the leadership and resources to provide Côte d’Ivoire with long-term inputs for its domestic energy production,” said Lance Crist, IFC Global Head for Oil and Gas. “This investment aligns with our strategy to support Côte d’Ivoire’s private sector in creating jobs, generating government revenues, and building infrastructure.”


Sujoy Bose, Chief Investment Officer and Head of the IFC ALAC Fund added, “This investment reflects the fund’s strategy to support strong companies operating in rapidly growing sectors. We look forward to partnering with Rialto in their offshore Cote d’Ivoire projects, one of the most promising and least developed oil and gas regions within West Africa”.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org.


About IFC Asset Management Company

IFC Asset Management Company LLC, a wholly-owned subsidiary of IFC, invests third-party capital, enabling outside investors to benefit from IFC’s expertise in achieving strong equity returns as well as positive development impact in the countries in which it invests. It manages the $3 billion IFC Capitalization Fund as well as the IFC ALAC Fund.



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