(Business in Cameroon) - The exploitation of the Chad-Cameroon pipeline generated a total of CFA34.04 billion for the Cameroonian Treasury at the end of October 2022. According to data reported by the Pipeline Steering and Monitoring Committee (CPSP), this revenue is up 26.5% compared to the CFA26.9 billion generated over the same period last year.
The main growth factor, CPSP says, is the surge in the value of the US dollar, which went from CFA588.5 for a dollar to CFA640 currently (up about 11% since January 2022). The US currency thus reached parity with the Euro, for the first time in 20 years. As of October 31, 2022, the Komé-Kribi terminal handled 38.6 million oil barrels, against 37.1 million barrels over the same period in 2021, up 4%. CPSP reported an improvement in the volumes of crude oil transported on behalf of new shippers.
As a reminder, the Chad-Cameroon pipeline was officially commissioned on 3 October 2003. It serves as a channel for the transportation of crude oil produced in Chad for export from the Kome terminal in Kribi, southern Cameroon. The infrastructure is over 1,000 km long and was financed by the World Bank and a consortium of oil companies consisting of Exxon-Mobil, Petronas, and Chevron-Texaco.
During the first eight years of the pipeline's operation, Cameroon was satisfied with a transit fee totaling CFA85.5 billion, according to statistics revealed in 2012 by the CPSP. From now on, this transit fee is reviewed every 5 years. The last update, which led to a new revaluation, took place in 2018, and the next one will take place in September 2023.