During his recent budget defense before the National Assembly's Finance Committee, Minister of Water and Energy Gaston Eloundou Essomba revealed that the mechanism established to support the restructuring of oil refining company Sonara has successfully collected XAF270 billion.
"As of September 30, 2023, the dedicated line of XAF47.88 per liter of fuel sold has generated a total of XAF270 billion deposited into BEAC accounts," declared Minister Eloundou Essomba. As of the same time last year, the overall amount collected through the mechanism was XAF194.7 billion.
The XAF47 levy on each liter of fuel sold translates to approximately XAF6.5 billion per month, which in over ten years is projected to generate a total of XAF780 billion. This sum will be crucial in supporting Sonara's debt repayment efforts.
Just last September, this mechanism enabled Sonara to successfully repay XAF14 billion in commercial debt to Swiss trader Trafigura. Since a fire in May 2019 significantly damaged its facilities, Sonara has faced challenges in fulfilling its financial obligations, including the repayment of a substantial debt of XAF1,000 billion. This debt includes XAF374 billion owed to suppliers of crude oil and finished petroleum products.