Cameroon signs deal with Russia firm over second oil refinery

Cameroon has signed a deal with Russian group RusGaz Engineering that could pave the way for a second oil refinery for the central African nation, the ministry of water and energy said.

The deal will allow the Moscow-based firm to conduct a feasibility study in the port city of Kribi for the facility that aims to refine mainly Cameroonian crude for export and to provide products for the domestic market.

The government said in February it would seek to raise $1.5 billion from banks to refinance and expand the state refinery at Limbe in the southwest of the country and other development projects.

National Refining Company (Sonara) can refine 3.5 million tonnes of crude oil at Limbe per year.