LE BRIEF

Senegal: a proposed $2 billion–$3 billion refinery aims to strengthen local oil processing

LE BRIEF • 2026-11-03

The SAR–Yamata memorandum of 23 September envisages a second refinery processing four million tonnes annually. This follow-up concerns a project still to be financed and developed, without a newly announced final investment decision.

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LE BRIEF — Tuesday, 3 November 2026, final consolidated edition By the LE BRIEF newsroom Country or region : Senegal Source publication : Follow-up of 1 November 2026; initial agreement covered on 23 September Event : SAR–Yamata memorandum signed on 23 September 2026 Supplied photograph: refining facilities. Sector illustration; it does not show a second refinery already built under the SAR–Yamata memorandum. Provenance and reproduction rights must be validated before commercial use. Senegal is pursuing its oil industry ambitions with a proposed second refinery intended to increase national crude processing capacity. The project, with an envisaged cost of $2 billion–$3 billion, would process four million tonnes of crude annually. Société africaine de raffinage (SAR) and Turkish company Yamata signed a memorandum of understanding on 23 September 2026. A prospect for industrial processing The aim is notably to strengthen refining capacity against the background of offshore oil production at Sangomar. Processing some crude locally could reduce dependence on certain refined product imports while developing new industrial activities. The project could also generate substantial demand for storage, oil transport, port infrastructure and industrial services. Financing, feedstock and markets to be secured Building a new refinery requires secure financing, a crude supply strategy, comm...