International banks back plans to rejuvenate Cameroon’s oil refinery

On Tuesday, June 17, 2025 the management of Cameroon's National Refining Company (SONARA) received a delegation in Limbe comprising representatives from the Union of Arab and French Banks (UBAF), Dutch bank ING, and the Mauritius Commercial Bank (MCB). 

According to Sonara, the visit was a "strategic step aimed at steering the refinery toward a promising future." SONARA has been out of service since a major fire struck the facility in May 2019, causing severe damage and halting refining operations. 

This incident worsened challenges the company was already facing with its long-delayed modernization plan. As of 2021, Sonara's debt had reached CFA 376 billion, while the cost of rehabilitating the site was estimated at over CFA 250 billion. 

The visiting group of banks assessed the refinery's recovery efforts, praising Sonara's restructuring efforts to revive this emblematic company in Cameroon's oil sector. 

Earlier, on Thursday, June 5, 2025 Prime Minister Joseph Dion Ngute expressed concern over the slow pace of rehabilitation during an interministerial meeting. 

"I have instructed the Minister of Water and Energy to take steps to speed up the handling of this file, to restart the company's production activities, which have been at a standstill since the fire that destroyed part of its units in May 2019," he said.

BY SK 

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Cross section of delegates with SONARA staff during the session on Tuesday