The Mbao plant, one of West Africa’s oldest refineries, was commissioned in 1963 and has a capacity of 1.2 mtpa. The combined SAR 2 program is designed to process Sangomar crude. SAR demonstrated the viability of that domestic feedstock integration in February 2025, when it ran 650,000 barrels of Sangomar crude through the Mbao plant for the first time.

The recommended execution strategy is to launch Lot 2 first, targeting completion by August 2028, to generate early cash flow while the new Ndayane refinery progresses through FEED toward a July 2029 commissioning target. Financial modeling by advisory firm Forvis Mazars, completed in May 2026, projects a 15.5% internal rate of return, a 15.0% return on equity and a nine-year payback period for the combined program.

The financing architecture is structured as a public-private partnership with a dedicated special purpose vehicle using an EPC+F model. The arrangement requires no sovereign guarantee from the Senegalese state, with the investment partner expected to mobilize financing through international banks. Technical and advisory partners already engaged include YAMATA for structuring and financing, Technip Energies for project studies and Forvis Mazars for financial modeling.

The project is part of a wider push by Senegal to capture downstream value from its emerging hydrocarbon production. SAR CEO Mamadou Abib Diop has previously stated that the country aims for full petroleum product self-sufficiency by 2029, closing an import gap that currently sees Senegal bring in roughly 400,000 tons of refined products annually to supplement domestic refining output.

SAR 2 is among a portfolio of Senegalese energy projects set to be featured at MSGBC Oil, Gas & Power 2026, taking place December 1-3 at the CICAD in Dakar under the High Patronage of President Bassirou Diomaye Faye. To sponsor or participate as a delegate, visit www.msgbcoilgasandpower.com.