Senegal's sole oil refinery, Societe Africaine de Raffinage (SAR), said on Thursday it had secured 194 billion CFA in loans to cover the cost of a year's worth of feedstock.

The plant produces 1.2 million tonnes of fuel per year (23,500 barrels per day), accounting for two-thirds of Senegal's 1.8 million tonnes of demand for refined products.

"With this amount we have secured a full year of supply for our company," SAR manager Carmelo Sagna told Reuters.

He said UBA Bank had provided SAR with a 153 billion CFA loan, and Ecobank with a 41 billion CFA loan.

Saudi Binladin Group has a 34 percent stake in SAR, while French oil company Total has 20 percent. The remaining stake is controlled by the Senegalese state, which has said it does not expect a long-term role in the business.

Sagna said the refinery hoped to eventually expand its capacity. "We hope in the future to increase our output capacity from 1.2 million to 3 or even 4 million tonnes," he said.