(Business in Cameroon) - Gaz du Cameroun (GDC), subsidiary of Victoria Oil & Gas Plc (VOG), posted unaudited revenues of $20.6 million (CFAF11.46 billion) for the 2019 financial year, the National Hydrocarbons Corporation (SNH) informs.  

These revenues are up by $9.8 million (CFAF5.44 billion) year-over-year. Nevertheless, the audited results are expected for September 30, 2020, under the leadership of Roy Kelly who replaced Ahmet Dik as MD Victoria Oil & Gas on March 23.

Let’s note that GDC is currently clashing with its main Cameroonian client ENEO, concessionaire of Cameroon electricity distribution. According to VOG, GDC has been supplying natural gas to ENEO via the Logbaba power plant (30 MW) since 2015. It estimated that for its services at end-June 2020, ENEO owed it $16 million (about CFAF9.30 billion) but its dunning letters changed nothing. Therefore, in the application of the binding terms signed by ENEO, it served a default notice, terminated its supplying contract and threatened to take legal actions against ENEO.

According to ENEO, this dispute is not caused by unpaid bills but by the terms on which GDC would resume gas production for the Logbaba plant. According to Eric Mansuy, ENEO’s MD, Gaz du Cameroun was unable to provide the required guarantees that the gas it produces would be sufficient to ensure continuous supply this year.  

S.A.