This is based on a five-year plan of Sonara operating solely as an oil importer, the state providing a letter of comfort for the banks and a new levy to support the refiner. Cameroon set new product prices in March. These include a 47.88 CFA ($0.09) per litre levy intended to repay Sonara¡¯s debt.
Will Cameroon build another refinery?
Cameroon is planning to build another oil refinery due to the May 31, 2019 fire outbreak at SONARA, the only refinery in the country. This move aims to create a duopoly in the hydrocarbon sector.
How much does it cost to repair Sonara refinery in Cameroon?
The cost to repair the fire-damaged Sonara refinery in Cameroon is 250 billion Central African francs ($461.8 million). Even before Sonara has a chance to consider this investment, it must restructure its debt, Cameroon Minister of Water and Energy Gaston Eloundou told parliament on December 1.
Why was Kribi chosen to host the CEMAC refinery?
The CEMAC region will be at least supplied with 5 million tons/year thanks to the new refinery. The financing model for the project is a public-private partnership. Kribi was chosen to host the refinery because of the presence of the floating LNG plant Hilli Episeyo. The government plans to supply the CEMAC region with the refinery.