SONARA rehabilitation project attracts international investor interest

International market sounding consultations for the rehabilitation and modernization of the Société Nationale de Raffinage (SONARA) in Cameroon have confirmed strong investor interest. Held in Yaoundé and presided over by Finance Minister Louis Paul Motaze, the two-day event gathered 167 participants, including EPC companies, industrial operators, banks, and international investors.

Participants recognized SONARA as a strategic asset for the energy security of Cameroon and the surrounding sub-region. While current national demand is estimated at 2.1 million tonnes of petroleum products per year, the projected capacity of 3.5 million tonnes offers potential for export and positions Cameroon as a regional refining hub.

Investors indicated the project's ability to mobilize international financing, provided certain adjustments are made. Key recommendations include strengthening legal guarantees, introducing a grace period during the construction phase, improving foreign exchange risk coverage, and establishing a more realistic timeline for financial closure.