(Business in Cameroon) - According to the Steering and Monitoring Committee (CPSP) chaired by Adolphe Moudiki, the ADG of Société nationale des hydrocarbures (SNH), Chadian oil transit royalties generated a total of 17.5 billion FCFA for the Treasury Department of Cameroon.
This sum is the amount paid to the Treasury Department for the 27.5 million barrels of Chadian oil that traverse the pipeline. In late October 2013, this same transit fee had brought in only 5.8 billion FCFA for the 24.6 million barrels of crude oil from Chad’s oil fields.
The explosion of the transit fees is the result of its revaluation on October 29, 2013. It rose from 195 FCFA (0.41 USD) per barrel to 618 FCFA (1.30 USD) per barrel after intense negotiations between the Cameroonian government and COTCO, the company that managed the Cameroonian side of the pipeline.