Cameroon’s National Hydrocarbons Corporation (SNH) has secured a 120 billion CFA francs financing package arranged by BGFI Bank to support its participation in the CSTAR Refinery project in Kribi, accelerating implementation of one of the country’s largest downstream petroleum projects.
The financing agreement was signed on May 5 at SNH headquarters in Yaounde, six months after both parties concluded a framework agreement to mobilise resources for the refinery’s construction.
The modular refinery, developed with Ariana Energy, is expected to reach a production capacity of 30,000 barrels per day by 2028, with an initial phase of 10,000 barrels per day scheduled for December 2026. SNH estimates annual output at 1.5 million metric tonnes of refined products.
According to the corporation, the project could reduce Cameroon’s fuel imports by about USD 750 million annually, covering nearly 30% of national consumption. Marine fuel exports are projected at more than USD 250 million per year, while foreign exchange savings could exceed USD 1 billion annually.
Beyond BGFI Bank Cameroun, the financing package also involved Afriland First Bank, SCB Cameroun and BICEC.
Nathalie Moudiki, Chairperson of CSTAR’s Board of Directors, said the financing marked the transition from planning to implementation on the Cameroonian side of the project and would help secure execution of works according to schedule.
SNH said the project’s storage infrastructure, known as the Tank Farm, is being financed through the corporation’s own resources, while the newly secured banking package represents its equity contribution to refinery construction. Ariana Energy had already provided its share of the financing.
The CSTAR refinery project is part of Cameroon’s efforts to strengthen domestic refining capacity, reduce dependence on imported petroleum products and support fuel supply security. Authorities also expect the refinery to support export-oriented activities, particularly in the marine fuel segment.
Mercy Fosoh
