Cameroon: Sonara risk preoccupies PRI market
Issue 262
- 27 Sep 2013
| 2 minute read
Players in the political risk insurance (PRI) market report growing concern about the payments situation at state-owned Société Nationale de Raffinage (Sonara) and its 45,000 b/d capacity Limbe refinery. By end-2011, the refinery was owed some CFA163bn ($335m), equivalent to around 1.4% of GDP. Standard Chartered Bank said in early 2013 that “the accumulation of arrears, more than cash-flow problems, highlights deficiencies in public expenditure management”. The bank said that Sonara’s financial difficulties affected the banking system “because of its high credit concentration on this entity”.
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