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Thursday, October 31, 2013
Cameroon’s government and COTCO, the company that owns and manages the oil pipeline from Chad to Cameroon’s coast, have agreed to up the transit fee paid to the government. The fee will more than triple going from 194.91 CFA francs per barrel to 618.02 CFA francs per barrel according to a statement from by Cameroon’s state oil company SNH.
“This rate will be upgraded every five years based on the average rate of inflation provided by Central Africa’s regional central bank,” the statement said. The state-run firm went on to say that 410.42 million barrels of oil were shipped to Cameroon’s Kribi port through the pipeline between October 2003, when oil started flowing, and October 2011. Cameroon earned some $168 million in transit fees as a result, the statement said.
Cameroon will has be adding funds to its coffers from Niger as SNH signed an agreement to allow the new oil producer to ship its crude through the pipeline to the Kribi port for export.
“Niger’s hydrocarbons production is about 60,000 bpd and to make it worthwhile, there was a need to choose a shorter course that could entail less investments. That is why we choose the Republic of Cameroon,” Niger energy minister Foumakoye Gado said. Gado said a 600-km pipeline will be constructed to link to the Chad-Cameroon pipeline. COTCO is a venture vehicle that manages the Cameroon portion of the pipeline from Chad. It is owned by ExxonMobil Corp., Chevron, Petronas, and the governments of Chad and Cameroon.
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