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Hydrocarbons

Shipowner blocks cargo of Sonara's crude oil off Limbe, claiming an unpaid bill of XAF633mln

Shipowner blocks cargo of Sonara's crude oil off Limbe, claiming an unpaid bill of XAF633mln
  • Comments   -   Monday, 28 January 2019 15:45

(Business in Cameroon) - Operation equipment within Cameroon’s national refining company (Sonara), the only crude oil refinery in the country, has been shut down since 27 January 2019 due to lack of crude oil, authorized sources revealed.

However, it is reported that an MT Barents SEA tanker loaded with a large cargo of crude oil has been anchored off the coast of Limbe, southwestern region, since mid-December 2018. But the owner is demanding, before any unloading, to be paid by DS Marine, the company managed by François Fomawa which ensures the transport of crude oil shipments purchased on the international market by the Cameroonian public refinery.

From $850,000 (about XAF489 million) initially, the invoice claimed by the shipowner now amounts to $ 1.1 million (about XAF633 million), due to penalties resulting from the tanker's prolonged stationing (more than a month and a half) off the city of Limbe.

Working with Sonara for 2 years, as part of a three-year contract to transport 3.5 million tonnes of crude oil each year, for a total remuneration of XAF34 billion CFA francs, DS Marine, according to our sources, is currently experiencing cash flow constraints. Financial difficulties that could harm the successful execution of the last year of its contract with Sonara.

However, the early shut down of Sonara's activities, sources said, should not have an immediate impact on oil supply to the local market, as the tanks of the Cameroonian Petroleum Depot Corporation (Scdp) are well filled with refined products.

Brice R. Mbodiam

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