BGFI Cameroon’s plan to patch-up Société nationale de raffinag

The national refinement company, Société nationale de raffinage (Sonara), has just benefited from a bridge loan agreement for 143.5 billion FCFA between the Cameroonian government and a consortium of four banks led by BGFI’s local subsidiary.

At a time when BGFI Cameroon is beginning its mission with the government, Sonara finds itself with 400 billion FCFA in arrears to be paid by the State, while its suppliers are demanding the settlement of debt estimated at 550 billion FCFA.

The company is facing a need for 150 billion in working capital, a 200 billion FCFA bank debt and is also seeking 400 billion FCFA to start the second phase of its modernisation phase, particularly with the purchase of a hydrocracker.

Meanwhile, the Gabonese bank group’s subsidiary has proceeded to restructure Sonara’s long-term bank debt (200 billion FCFA) to the tune of 68 billion FCFA.