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Cameroon secured CFA24.36 billion in transit rights on the Chad-Cameroon pipeline, in late October 2018

Cameroon secured CFA24.36 billion in transit rights on the Chad-Cameroon pipeline, in late October 2018
  • Comments   -   Thursday, 29 November 2018 15:38

(Business in Cameroon) - Adolphe Moudiki, Chairman of the Pipeline Steering and Monitoring Committee (PMC), has just presented the committee’s activities between January 1 and October 31 this year. These mainly cover the monitoring of crude oil offtakes at the Komé-Kribi (KK1) terminal of the Chad-Cameroon pipeline.

A cumulative volume of 33.90 million barrels of crude oil was recorded, compared with 30.052 million barrels during the same period in 2017, generating a transit duty of CFA24.36 billion compared to CFA22.94 billion for the same period last year.

Transit duty revenues have thus increased significantly, mainly due to higher volumes of crude oil transported over the period reviewed,” explains Adolphe Moudiki.

In addition, according to the provisions of Amendment 2 to the Establishment Agreement of the Cameroon Oil Transportation Company (Cotco) that operates the Chad-Cameroon pipeline, the transit duty rate was updated on 30 September 2018, from $1.30 to $1.32 per barrel.

This discount rate applied to the volumes of crude oil took off at the KK1 terminal from 1 October 2018 to last till 30 September 2023, the date of the next discount.

Sylvain Andzongo

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