In Cameroon, the government has said it will conclude the phase 1 of the project to extend and upgrade Sonara’s facilities in 2016.

This will allow the refinery to begin to increase its production this year. It is estimated that the refinery’s yearly capacity will increase to 3.5 million tonnes from 2.1 million when both the phase one and two are successfully concluded.

For years, Cameroon had been planning to renovate the refinery but decreasing oil prices had slashed expenditure, thereby encouraging the government to search for other ways of financing.

However, the Ministry of finance had announced in February 2014 that it would raise $1.5 billion from banks to renew the refinery and finance other development projects.

According to Reuters, the phase 1 of the project, which is 87% completed will cost 620 billion CFA francs while the phase 2 is estimated to cost 315 billion CFA francs.

Anita Fatunji