Ivory Coast's Société Ivoirienne de Raffinage (SIR) oil refinery, has requested that the government to help take care of the debts that has been hindering it from making profits.

According to SIR’s Managing Director, Thomas Camara (photo), the company reached a 30-year production record of 3.45 million tonnes of refined products in 2015 and output is expected to increase further this year.

“SIR has accumulated debts since 2008 that weigh on it heavily," he said on the sidelines of an energy conference in the capital Yamoussoukro. "Our dossier is now with the government and we hope they will find a solution,” he said not disclosing the amount owed by the company.

Officials in the economy ministry have put the debt at $337.34 million.

Oil and Energy Minister, Adama Toungara, has said that the government is expected to make a decision soon.

The SIR refinery provides Ivory Coast with almost all of its refined petroleum products and also supplies to some neighboring countries, including Nigeria who is its primary supplier of crude oil.

Approximately 35% of SIR's output was consumed locally in 2011, while the remaining was exported.

In 2015, output increased to 50% and Camara says he is confident that the percentage will increase further.

“In ten years, the refinery's total production will be absorbed by the national market and nothing will be left to export,” he told Reuters.

Anita Fatunji