By EMMANUEL TUMANJONG
YAOUNDE, Cameroon -- Cedecorp S.A. will construct Cameroon's
second refinery, giving the West African nation the chance of
refining its own heavy crude,
state-run Cameroon Radio Television reported
An agreement between the company's representative Michael
Eppler and Cameroon's Minister of Energy and Water Resources
Basile Atangana Kouna was signed Thursday.
According to the terms of the accord, which is based on a
build, operate and transfer agreement, Cedecorp will take 30
months to construct the new refinery on an area of 500 hectares
in the Atlantic port town of Kribi, located some 300 kilometers
southwest of Yaounde.
The new processing plant will produce between 200 and 300
bpd of refined fuel and Cedecorp will run the refinery for 10 years before handing
it over to Cameroon.
The project will be entirely funded by
Texas firm Refinery Technology, although the cost of the
construction wasn't disclosed.
Cameroon exports almost all of its 21 million bbl of heavy
crude to buy light crude from Nigeria, which is subsequently
processed by Cameroon's lone government-run national oil refinery plant in the sister coastal
town of Limbe in southwest Cameroon.
A rise in fuel prices at the filling stations in February
2008 resulted to the death of at least 40 people in clashes
between government-deployed troops and angry protesters.
Dow Jones Newswires