Economy

Gov’t commits to rebuilding SONARA, assures prospective investors.

Officials during event

The government has taken a firm commitment to reconstruct the ravaged National Oil Refining Company, SONARA, urging international partners willing to invest in the project to have confidence in the authorities.

The commitment was taken by the Minister of Finance, Louis Paul Motaze, when he closed a two-day workshop in Yaounde, on June 30, during which government representatives, potential investors, cooperation partners and the top management of SONARA brainstormed on how to bring the refinery back to life.

The minister said Market Sounding, for two days, brought together investors, financial institutions, investment banks, oil companies, engineering companies and technical partners around a common goal: to prepare for the revival of SONARA through an innovative public-private partnership, dubbed Design, Build, Finance and Maintain, DBFM, format.

He recalled that seven years after a fire incident on May 31, 2019, which had interrupted refinery activities in Limbe, Cameroon has taken a decisive step.

This international consultation allowed stakeholders to test market interest, assess project funding conditions and collect recommendations from future partners in order to build a solid, bankable and attractive project.

The project execution plan involves, among other aspects, the rehabilitation and reconstruction of disaster units, the modernisation of strategic facilities, including the Hydrocracker unit. It also covers design, construction, financing and maintenance.

At the end of which oil refining activities of the company would resume, and reduce Cameroon’s dependence on the export of petroleum products. The Minister also recalled that before the fire incident, SONARA supplied up to 80% of the petroleum products needs of the country.

The revival of SONARA will also strengthen the country’s energy security, as government strives to make sure the country attains energy sovereignty. Meanwhile, revenue earnings going into government coffers from the business are expected to witness an upward surge.

The official closing opens the way for Market Sounding to begin a new phase of the rehabilitation project that involves mobilisation of expertise and investments necessary to make the anticipated more modern SONARA a sustainable engine for national economic transformation.

This article was first published in The Guardian Post Edition No:3835 of Thursday July 02, 2026