(Business in Cameroon) – On December 4, the Minister of Water and Energy revealed to lawmakers at the National Assembly that, as of October 31, around CFA353 billion had been deposited into the BEAC account dedicated to collecting the tax for settling the debt of the National Refining Company (Sonara). By the same time in 2023, this tax had generated CFA270 billion, compared to CFA194.7 billion in 2022.
This tax was established by the government to support Sonara’s debt, which was previously estimated at CFA1,000 billion. It involves collecting CFA47.8 per liter of fuel sold at the pump. This year, the Minister of Water and Energy revealed that 1.6 million metric tons of various products were imported for consumption.
Sonara, founded in 1981, is Cameroon’s flagship oil refinery located in the Southwest region. However, it has struggled to meet its financial commitments due to outdated facilities. This situation worsened following a fire in May 2019.
Since 2020, the government has put in place a support mechanism to help Sonara settle its debts. Thanks to this mechanism, the refinery was able to pay suppliers such as the Swiss trader Trafigura, CFA14 billion in September 2023. The mechanism, designed to last 10 years, aims to collect a total of CFA780 billion.
