The Kribi refinery project has reached a new financial milestone. A CFA120 billion financing package intended to cover the National Hydrocarbons Corporation’s (SNH) stake has entered the disbursement phase under the CSTAR project.
The financing agreement was signed on May 5, 2026, in Yaoundé between SNH, CSTAR, and BGFI Bank Cameroon, which structured the transaction on behalf of the state-owned company. The agreement paves the way for the effective release of funds tied to SNH’s participation in the industrial project, which includes the construction of a refinery and petroleum storage facility in Kribi.
According to Abakal Mahamat, managing director of BGFI Bank Cameroon, several banks contributed to the financing package, including Afriland First Bank, CCA Bank, SCB Cameroon, and BICEC.
For Nathalie Moudiki, chair of CSTAR’s board, the financing will allow the project company to meet its commitments to international firms involved in construction.
Funding remains incomplete
This development follows an earlier step taken in November 2025, when SNH appointed BGFI Bank Cameroon to structure and mobilize financing for its participation in the project.
With this CFA120 billion package, nearly 32% of the project’s announced total cost of CFA372 billion is now covered. The remaining financing must come from other shareholders, including Ariana Energy and Tradex S.A.
On the ground, preparatory work has already started, according to Pierre Titti, former deputy minister for the budget and current adviser to CSTAR. He cited ongoing land clearing, the opening of new access roads, the delivery of equipment for the living base, and earthworks on the site.
Refinery targets 30,000 barrels per day
In its initial phase, the CSTAR project includes a refinery with capacity of 10,000 barrels per day, before an increase to 30,000 barrels per day from 2027.
The complex will also include a petroleum storage terminal with capacity ranging from 250,000 to 300,000 cubic meters.
The storage facility is valued at CFA168 billion and, according to project promoters, SNH will finance it through its own resources.
At full capacity, the refinery should produce 1.8 million metric tons of petroleum products annually. Project promoters estimate this output could reduce Cameroon’s fuel imports by about CFA435 billion each year.
BGFI Bank Cameroon also said the project received approval from the regional central bank governor, who estimates the refinery could generate CFA580 billion in foreign exchange savings. Project backers say these gains would significantly benefit the external accounts of Central African states.
Ludovic Amara
