logoBC
Yaoundé - 21 January 2022 -
Energy

Sonara: Government announces rehabilitation of burnt plant for 2022

Sonara: Government announces rehabilitation of burnt plant for 2022
  • Comments   -   Monday, 13 December 2021 16:16

(Business in Cameroon) - The rehabilitation of the SONARA’s plant, which was partially destroyed by a fire outbreak on May 31, 2019, will start in 2022. This is at least what Prime Minister Joseph Dion Nguté said on November 26, 2021, while presenting the government’s 2022 economic, financial, social, and cultural program before the parliament in Yaoundé.

The Prime Minister did not provide much information on the funding mechanism for that rehabilitation whose costs were estimated at some XAF250 billion by the Ministry of Water and Energy. The financing mechanism is crucial because, previously, negotiations between the government and Russian investors interested in the project failed, according to sources close to the case.

Also, to support the rehabilitation, the government introduced a new line into the oil products’ price structure. For every liter of petroleum product sold by filling stations, XAF47.88 is deposited into a special account. According to the government, XAF100 billion has already been deposited into the account. However, the same funds in the account are the guarantees offered by the state of Cameroon to restructure the debt SONARA owes banks (a repayment plan has already been agreed for the XAF261.4 billion debt) and oil traders ( the repayment plan is still being negotiated for a XAF371 billion debt). 

BRM

cameroon-to-disburse-xaf3-7-bln-to-settle-part-of-pamol-plantations-salary-arrears-and-social-debts
The government plans to release XAF3.7 billion to help state-owned company Pamol Plantations Plc settle part of the debt it owes employees.  Indeed,...
cameroon-new-agribusiness-firm-cfc-increases-capital-4-folds-to-xaf10-bln
On January 12, 2022, Compagnie fermière camerounaise (CFC), the new subsidiary inaugurated (on November 5, 2021) by leading brewing group SABC increased...
promote-2022-afriland-first-bank-commits-to-sponsoring-20-smes
On January 19, 2022, Inter-progress Foundation, the organizer of the Yaoundé́ International Exhibition for SMEs and Partnership (PROMOTE), signed a...
sabc-group-inaugurates-new-research-and-development-laboratory
Société Anonyme des brasseries du Cameroun (SABC), a subsidiary of the French group Castel, inaugurated its new research and development laboratory in...

Mags frontpage


Business in Cameroon n106-107: December 2021-January 2022

Nine projects and innovations that demonstrate Cameroonians’ genius


This is how Gozem plans to revolutionize the transport sector in Cameroon


Investir au Cameroun n116-117: Decembre 2021-Janvier 2022

La preuve par 9 du génie camerounais


Comment Gozem veut révolutionner le transport urbain au Cameroun