Category: Press

ADNA has advised Indonesian state oil company Pertamina in connection with the conclusion of a hydrocarbons contract governed by the new hydrocarbons law for the development of an oil field in Algeria with Algerian and Spanish partners. The new production sharing contract for the development of the Menzel Lejmat Nord perimeter (block 405a) was signed by Pertamina through its subholding upstream subsidiary PT Pertamina Internasional EP (PIEP), which operates in Algeria under PT Pertamina Algeria EP , Algerian state oil company Sonatrach and Repsol Exploracion 405A, a unit of Spanish energy company Repsol.

This production sharing contract is part of the existing partnership in the Menzel Lejmat Nord perimeter. Pertamina entered in 2014 after acquiring the interest of ConocoPhillips Algeria Ltd..

This project includes notably plans for the drilling of 12 oil wells, the construction of an extraction plant for liquefied petroleum gas and a solar energy project. The total investment is estimated at over USD 800 million.

ADNA has extensive and in-depth knowledge of the 2019 hydrocarbons law after having notably advised Oxy in 2022 on a similar project.

The new hydrocarbons law is attracting a growing number of international major oil and gas companies. We are delighted to share our expert knowledge with our clients.

Foued Bourabiat, ADNA Partner in Algiers commented “we are proud to advise Pertamina on this significant project that marks a long working relationship and confirms our growing expertise in this strategic sector.” 

The ADNA team was led by Partner Foued Bourabiat (Algeria) and Associate Fayçal Zedek (Algeria).

De Brauw Blackstone Westbroek acted as international counsel to Pertamina.

Press contact:

Dalila Hammadi T +33 (1) 88 33 26 39

dalila.hammadi@eliott-markus.com

ADNA a conseillé le Consortium d’investisseurs institutionnels nationaux composé de la Banque Nationale d’Investissement (BNI), la Caisse Nationale de Prévoyance Sociale (CNPS), la Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI) et l’Institution de Prévoyance Sociale – Caisse Générale de Retraite des Agents de l’Etat (IPS-CGRAE) dans le cadre d’une prise de participation majoritaire dans le capital social de la Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire (BICICI), société cotée à la Bourse Régionale des Valeurs Mobilières (BRVM).

Le Consortium a acquis 67,49% du capital social et des droits de vote de la BICICI, pour un prix total de 80 milliards de Francs CFA (près de 122 millions d’Euros), auprès du Groupe BNP Paribas et Proparco. A travers cet important investissement les investisseurs confirment le mouvement de renforcement des acteurs locaux dans le secteur bancaire ivoirien.

Compte tenu de sa complexité, cette opération a traité de plusieurs aspects du droit notamment le droit boursier (la société étant cotées), le droit public des affaires (les investisseurs étants des entités soumises à certaines règles de droit public), le droit bancaires et financier (la cible étant une banque), la réglementation des relations financières extérieures (les cédants étant des non-résidents).

Sydney Domoraud, Associé Fondateur de ADNA: « En conseillant les acquéreurs dans le cadre de cette opération majeure et stratégique, ADNA confirme sa position de Cabinet de conseil juridique de premier plan dans les opérations de M&A dans le secteur des services financiers et particulièrement du secteur bancaire. »

ADNA a également récemment conseillé Sanlam Group dans le cadre de la fusion des activités assurance en Afrique avec celles du groupe Allianz (12 juridictions d’Afrique dont le Maroc : Benin, Burkina Faso, Burundi, Cameroun, Côte d’Ivoire, Gabon, Guinée, Mali, Maroc, Niger, Sénégal et Togo).

L’équipe ADNA était composée de Sydney Domoraud, Safia Fassi-Fihri Associés fondateurs, Boubacar Diao, Julia Challoub, Aurélien Zérédji, Sékou Bah, Morel Fagnidi et Sigismond Konan, Collaborateurs.

La Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire était conseillée par le cabinet Lacourte Raquin Tatar mené par Renaud Rossa, Associé (conseil international) et le cabinet KSK mené par Zinda Sawadogo, Associé (conseil de droit ivoirien).

 

MONDAY 9 MAY 2022

ADNA has advised Edison on an agreement to sell its stake in the North Reggane license in Algeria, completing the divestment of all Exploration and Production (E&P) activities following the company’s strategic realignment towards its energy transition businesses. Through this transaction, Edison exits from the Exploration and Production activities completing a process started in 2019.

Under the agreement, Edison will sell its 11.25% stake in the North Reggane on-shore gas field to Wintershall Dea Algeria Gmbh as part of a plan to grow its participation in the country, citing major potential for enhanced energy partnership with Europe. Wintershall Dea already holds a 19.5% stake in the licence. The transaction is subject, among others, to customary authority approvals.

The North Reggane field started production stream in 2017 and consists of 19 currently productive wells which provide approximately 2.8 billion cubic metres of gas per year sold entirely to Sonatrach in Algeria on the basis of a long-term contract.

Foued Bourabiat, ADNA Partner in Algiers commented “we are proud to advise Edison on the divestment of its activities in Algeria, the third largest exporter of gas to Europe, completing a process which has started in 2019 following the company’s new strategic realignment towards its green transition businesses. We very much look forward to advising Edison on additional projects that will continue to build a more sustainable future. We are currently advising various IOCs on major oil & gas transactions that will significantly strengthen our energy practice.”

The ADNA team was led by Partner Foued Bourabiat (Algeria) and Associate Fayçal Zedek (Algeria).

Press contact:

Dalila Hammadi T +33 (1) 88 33 26 39

dalila.hammadi@eliott-markus.com

WEDNESDAY 25 MAY 2022

Development Partners International (“DPI”), a premier investment firm focused on Africa with $2.8bn in assets under management including co-investments, invested €60 million for a significant minority stake in high-growth financial services business, Groupe Cofina. This transaction will support the Company in its mission to accelerate growth for Francophone West and Central’s Africa’s small and medium enterprises (SMEs) – a critical sector helping to drive economic development in the region.

Groupe Cofina has also significantly expanded its reach across the region – with presence today in Senegal, Côte d’Ivoire, Guinea, Gabon, Mali, Congo, Burkina Faso and Togo, through subsidiaries operating in each country. The business also has operations in France through a subsidiary approved by the local supervisory authority ACPR (Autorité de Contrôle Prudentiel et de Résolution).

ADNA partners Safia Fassi-Fihri and Sydney Domoraud said “We are very proud to have advised COFINA, a leading player in west Africa on a transaction with a lasting impact driving financial inclusion whilst creating a positive outcome on African economies and enhancing financial inclusion”.

Founded in 2014 by Jean-Luc Konan and headquartered in Abidjan, Côte d’Ivoire, Groupe Cofina is developing solutions to bridge the “missing-middle” – the gap between microfinance and traditional institutional financing – and to serve consumer finance customers across Francophone West and Central Africa. Since its creation, the business has grown rapidly, developing new, innovative products while providing companies the ability to scale, with almost 1.5 billion euros of credit allocated to date.

The investment from DPI will support Groupe Cofina as a regional leader – continuing its ambitious expansion plan and bringing the successful model from existing markets into new countries with similar demand in SME and consumer finance markets. The company will also look to increase investment in innovation, creating new flexible products that are both scalable and adaptable to evolving customer needs. As part of this, the partnership will also enable Groupe Cofina to launch new and differentiated services, gaining access to an even greater pool of potential customers.

Cofina was advised by ADNA partners Safia Fassi-Fihri, Sydney Domoraud and Associate Julia Challoub. DPI was advised by ASAFO & Co and KPMG.

Monday 20 June 2022

ADNA has advised Jotun Group (Norway) on the signing of a partnership agreement with Med Investment Holding Spa (Algeria) for producing Jotun paint and coatings in Algeria through a joint venture in Technover P. 

The joint venture (Technover P) will produce Jotun decorative paints and protective coatings to international standards in a newly built factory in the district of Tizi-Ouzou, east of Algiers. The factory has been designed by the German Technology company Netzsch and has a capacity to produce locally 120 million USD of the standard quality of paint and coating that are presently imported. 

This partnership is the first foreign direct investment (FDI) and production establishment in Algeria from one of the world’s leading global suppliers of coatings. Jotun aims to meet the continuing growth in construction as well as the industrial, oil & gas sectors in Algeria.

The ADNA team was led by Partner Foued Bourabiat  (Algeria) assisted by Abderrahmane Lassakeur (Algeria).

For more information : https://www.jotun.com/ww-en/about-jotun/media/news/Jotun-to-start-paint-production-in-Algeria/

Press contact: Dalila Hammadi T +33 (1) 88 33 26 39 – dalila.hammadi@eliott-markus.com