logoBC
Yaoundé - 02 December 2022 -
Economy

Cameroon cashes CFA18.6bn from Chadian oil transit duty in H1 2022, +9% YoY

Cameroon cashes CFA18.6bn from Chadian oil transit duty in H1 2022, +9% YoY
  • Comments   -   Monday, 05 September 2022 16:41

(Business in Cameroon) - The Cameroonian Treasury gained a total of CFA18.6 billion in transit rights for Chadian oil via the Chad-Cameroon pipeline between January and June this year.

Data from the Pipeline Steering and Monitoring Committee (PSMC) showed that this amount is 9% higher than that collected during the same period last year.  Over the period reviewed, 22.76 million barrels of crude oil produced in the Chadian oil fields were transported to the Kome terminal in Kribi, in the southern region of Cameroon.

If this production volume is maintained throughout the year, Cameroon could earn more than the CFA31.46 billion gained during FY2021. According to the PSMC, last year’s revenue was generated through the transit of 42.92 million barrels of Chadian crude through Cameroonian territory.

Over the first years of operation, the Chad-Cameroon pipeline only generated CFA85.5 billion in revenue, an average of CFA10.7 billion a year. To boost the amount, Cameroon undertook, in 2013, to renegotiate the royalty. This has allowed the country to substantially increase the revenues earned from this infrastructure.

The last update of this transit fee, which led to a new revaluation, took place in 2018. The next one will take place in September 2023.

BRM

cameroon-coffee-production-bounced-back-after-bad-2020-21-season
Cameroon coffee producers tripled their volumes to a total of 38,047 tons, including 6,386 tons of Arabica ad 31,661 tons of Robusta, during the 2021-22...
cemac-agricultural-export-prices-fell-4-9-in-q3-2022
The prices of agricultural products exported by Cemac countries dropped 4.9% between July and September 2022. Over the previous quarter, the decline was...
the-cameroon-local-materials-promotion-authority-inaugurates-its-headquarters-built-with-local-materials
The Cameroon Local Materials Promotion Authority (Mipromalo) inaugurated last November 29 its headquarters in Yaoundé. The ceremony was presided over by...
social-security-cameroon-plans-to-set-up-a-national-fund-for-public-servants
The Cameroonian government is mulling over creating a national fund for state employees. The information was reported by Prime Minister Joseph Dion Ngute...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »