The Kribi refinery project has reached a decisive financial milestone with the securing of CFA 120 billion by the Société Nationale des Hydrocarbures (SNH). These funds are intended to cover SNH's share in this major project, led by CSTAR, with the financing agreement signed on May 5, 2026, in Yaoundé.
BGFI Bank Cameroon structured the operation on behalf of SNH and brought together several financial institutions to mobilize this package, including Afriland First Bank, CCA Bank, SCB Cameroon, and BICEC. According to Abakal Mahamat, CEO of BGFI Bank Cameroon, this collaboration demonstrates the banking sector's confidence in the project's viability.
Nathalie Moudiki, Chairwoman of CSTAR's Board of Directors, emphasized that this financial contribution will enable the project company to honor its commitments to international companies involved in the construction of the infrastructure. Preparatory work is underway at the Kribi site, with clearing operations, the opening of new access roads, the delivery of equipment, and earthworks.
This CFA 120 billion financing represents approximately 32% of the total project cost, estimated at CFA 372 billion. The remaining financing will have to be provided by the other shareholders, including Ariana Energy and Tradex S.A.
The Kribi refinery plans, in its initial phase, a production capacity of 10,000 barrels per day, with a planned increase to 30,000 barrels per day from 2027. The complex will also include a petroleum depot with a storage capacity of between 250,000 and 300,000 m³, financed from SNH's own funds and valued at CFA 168 billion.
Ultimately, the refinery is expected to produce 1.8 million metric tons of petroleum products per year, potentially reducing Cameroon's imports by approximately CFA 435 billion per year. BGFI Bank Cameroon estimates that the project could generate CFA 580 billion in foreign exchange savings, a significant gain for the Central African states. The Kribi refinery is expected to begin partial operations in the second half of 2026, marking an important step for Cameroon's energy independence.
