Friday, August 23, 2019

Cameroon: Sonara won deal to purchase Nigerian crude until June 2020

(Business in Cameroon) – Cameroon’s national refining firm (Sonara) announced it was selected by the Nigerian National Pertoleum Corrporation (NNPC) to purchase crude oil from Nigeria from July 2018 to June 2020. The deal falls in line with a loan agreement of XAF44.6 billion concluded in April 2018 between Cameroon and the Islamic Development Bank (IDB) in view to expand the refinery.

“The money will enhance the company’s crude imports, increase its production capacity to 3.5 million tons per annum and diversify products in order to better meet local and also sub-regional demand,” a reliable source said.

During FY2018, Sonara imported a total of 963,559 m3 of oil products including 354,046 m3 of super, 458,619 m3 of diesel and 129,225 m3 of DPK (A1 jet and kerosene) as well as 21,669 m3 that were traded on the national market as at 31 October 2018.

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