• BGFIBank commits $210M for Kribi oil refinery project
• New 30,000 bpd refinery to cut fuel imports, boost GDP
• SNH, Ariana Energies lead project; construction began in July
  

BGFIBank Cameroon, a subsidiary of Gabonese banking group BGFI Holding, has officially committed to raising $210 million to finance the Cstar project, a new oil refinery planned for the port city of Kribi in southern Cameroon.

The refinery, which will have a capacity of 30,000 barrels per day (bpd) and be built on a 250-hectare site, is a key strategic investment for the country. The framework agreement and the mandate for arranging the financing were signed and presented on Tuesday, Nov. 4, 2025, during a ceremony attended by leaders from Cameroon's National Hydrocarbons Corporation (SNH) and the bank.

BGFIBank Cameroon will serve a dual function in the Cstar project as both arranger and agent bank. In its capacity as arranger, the bank will be responsible for structuring the financing and securing the necessary funds from local and international lenders. As the agent bank, it will handle the administrative and financial management of the funds throughout the project's execution.

The Cstar project is led by an Emirati special purpose vehicle (SPV), in which the SNH holds a 65% stake and Ariana Energies holds the remaining 35%. The new infrastructure is considered a major growth driver for the Cameroonian economy. It aims to boost national oil production capabilities and reduce fuel imports, addressing an annual domestic demand estimated at 1.9 million metric tons.

In addition to production, the project is expected to cover a critical storage deficit. Cameroon's current capacity, estimated at 270,000 cubic meters, falls short of regulatory requirements, which mandate a target capacity of roughly 470,000 cubic meters to cover safety and commercial stockpiles. Ultimately, the new refinery is projected to "create more than 2,000 jobs and stimulate national GDP by 0.94%," according to BGFIBank Cameroon.

Construction on the refinery officially began in July. The Cstar project reflects Cameroon’s determined effort to regain energy autonomy following the shutdown of the country’s sole existing refinery, the National Refining Company (Sonara).

Sandrine Gaingne