Cameroon owes SONARA nearly 2000 billion FCFA

The state of Cameroon is liable to the National Society of Refinery (SONARA), the sum of 1860 billion FCFA, according to the Emergence newspaper in its Thursday, September 17 edition.

According to the newspaper, this amount "represents money that SONARA spent more than 5 years to manage shortages of petroleum products at the pump during periods of crisis.”

In simpler terms, the state, in order to avoid the fluctuations in barrels on world markets from affecting Cameroonians, has for several years, stabilized prices at the pump. To ensure this operation via the Oil Price Stabilization Fund (CSHP), SONARA had to sell its oil well below the normal price. The debt increased over the years to reach the sum of about 2000 billion FCFA.

Today, the State has stopped this practice, but the debt remains. Emergence informed that on August 28, 2015, the Trade Union Confederation of Workers of Cameroon (CSTC) notified Luc Magloire Mbarga Atangana, the Trade Minister, also Chairman of the Board of Directors of the HSPC for the settlement of the debt by the State.

Excerpts from this correspondence were published in the journal: “His Excellence, we have the honour to bring to your attention the high recurrent and pressing demand of workers, civil society and the CSTC, for auditing the debt of 1860 billion FCFA to SONARA for the acceleration of the process of construction of a Cameroonian oil processing unit directly by SONARA with the aim of accessibility and the stabilization of prices.”

If, within the HSPC, the existence of said debt is not denied, it however means that the repayment terms are not clear. These are the reasons why the CSTC has made a proposal in this sense.

"The cost of oil valued at 59.66 USD barrel composed with the parity of USD 578 francs about, lead to a positive reserve rematch for the stabilization of the price of hydrocarbons between 250 francs per litre of Super sold at 650 francs and per litre of diesel fuel sold at 600 francs at the pump given the current algorithm.”

In other words, the CSTC advised the State to settle its debt to SONARA. It will then finalize the work of extension of its production plant. In the opinion of the CSTC, allowing the SONARA to increase its production capacity. The beneficiary will be the consumer who will witness the decline in prices at the pump.

The problem is that, stressed the newspaper, this hypothesis is not favourable to international donors of Cameroon who take advantage of the current situation.