Oil and gas Plant
Yaounde, Cameroon Africa(Cameroon News) – Cameroon sole crude oil processor Sonara Oil Refinery gets funding to the tune of $164 million in a bid to finance its expansion plans.
Cameroon’s Sonara oil refinery, the only crude processing refinery in the central African nation, will obtain 75 billion CFA francs ($164 million) from eight banks to finance the various expansion projects that it has in the pipeline, said Charles Metouk, the general manager.
The refinery, that is located at Limbe, about 350 kilometers (217 miles) southwest of the capital, Yaounde, proposes to ramp up its capacity to 4 million metric tons by 2015 from the current 2.1 million tons, he stated to reporters in the port city of Douala yesterday.
The lenders comprise of U.K.-based Standard Chartered Plc (STAN), Societe Generale (GLE) SA’s unit in Cameroon, Lome-based Banque Atlantique and Commercial Bank Cameroon, Metouk said.
The refinery, which is presently involved only in the processing of light crude, following its expansion will equip itself to be able to refine heavy crude , similar to the variety that is pumped in Cameroon, he said.
