(Business in Cameroon) – Cameroon’s National Refining Company (Sonara) approved on August 13 the Acceleration Plan for Restructuring and Rehabilitation Measures for Refining Restart within 24 months (Parras 24). The initiative agreed upon during a Board Meeting aims to resume production by 2027 with government support.
“Parras 24 is designed to relaunch Sonara’s core functions and ensure the continuity of petroleum product supply,” the company’s official statement said. The plan calls for recapitalization and new partnerships to fund the rehabilitation and quick restart of production. Sonara has not yet clarified whether recapitalization will involve debt buyback or fresh capital injection. In June, a joint delegation from UBAF, ING, and Mauritius Commercial Bank had proposed potential financing for the project.
Technically, Parras 24 aims to restore facilities to their state before the May 2019 fire that severely damaged part of the refinery. At the same time, Sonara will implement a workforce management program to strengthen staff skills and prepare for operations to restart.
The company continues to struggle with high debt. It currently owes CFA261 billion to banks, restructured over 10 years since 2021 at an interest rate of 5.5%. It also owes CFA185 billion to Vitol, CFA8.5 billion to PSTV, CFA14 billion to Trafigura, and CFA20 billion to Mercuria Energy. Repayment of these debts has been ongoing since 2022 through a state mechanism that collects CFA47.8 on each liter of fuel sold at the pump.
While Parras 24 is underway, Sonara has assured partners and customers of steady supply. “The supply of refined products on the national and international market will continue in both quantity and quality until the full restart of the refinery,” the company said.
This ambitious plan, combining strategic financing, technical rehabilitation, and workforce development, marks a decisive step for Cameroon’s oil sector and the stability of its domestic market.
