Senegal: Senegal Oil and Gas Risks Insurance Pool wins Woodside brilliantly

https://www.financialafrik.com/2019...ziers-du-senegal-decroche-avec-brio-woodside/

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Senegal: Senegal Oil and Gas Risks Insurance Pool wins Woodside brilliantly

Through
Adama WADE
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December 26, 2019




Great victory for local content in Senegal. According to our sources, the President of the Oil and Gas Risks Insurance Pool of Senegal, Majdi Yassine, today informed the Senegalese insurance and reinsurance market that the Pool through Sonam, bidder on behalf of the Pool, has been awarded the contract to insure insurance coverage for Woodside facilities in Senegal.

The budget is estimated according to our sources to be around 13 million US Dollars, it is one of the biggest deals in the sector. Note that this is the third case won by the Pool, after two deals conducted successively by Prévoyance Assurance and AXA Assurances Senegal. This third case, by far the most important, marks the victory of the national strategy for local content in the oil and gas sector in the insurance sector, which clearly shows that the unitary path is crucial for the development of our economies.

According to our information, the co-insurance will be egalitarian, and the reinsurance will be treated by the national reinsurer, the SEN RE, in collaboration with the Pool and the international partners of Woodside, a model where the actors established in Senegal come together but cordially inviting foreign investors around the table and taking into account their specificities are the perfect demonstration that the complementary combinations between national and international interests can be favored only if the actors of sectoral organizations of the national private exceed the cleavage of their own interest.

Boosted by this good news, the Oil and Gas Pool is also in the running for the coverage of BP installations, and is watching over the outcome of this affair. A case of at least 15 billion FCFA which is disputed in particular with Amsa, the only insurance company still not a member of the pool.