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”.

Want to read more?

Subscribe to African Energy

View subscription options

This article is available to registered users

Login

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map

Register