Friday, 8 January 2016

Cameroon 'to boost oil refinery production'


Cameroon's state oil refinery says it will complete this year the first phase of a project to extend and upgrade its facilities, Reuters news agency reports.

"The project constitutes a priority, the outcome of which will allow the company to increase its production [and] be more competitive," Sonara said in a statement.

The central African nation has sought to revamp its Sonara refinery for years.

However, falling oil prices have cut spending, prompting the government to seek other forms of financing.

The finance ministry announced last February that it would seek to raise $1.5bn (£1bn) from banks to refinance the refinery and fund other development projects.

Annual refining capacity will rise to 3.5 million tonnes from 2.1 million when phase one and two are completed, Reuters says.

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