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Tuesday, May 12, 2015
The government of Chad is looking to delay its repayment of around $1.5 billion of Glencore-led bank loans. The government is struggling with its finances recently due to the drop in crude prices and the added burden of its war against Nigerian Islamist militant group the Boko Haram.
Rescheduling repayments of advances on oil sales received in 2013 and 2014 will save the government $400 million, according to a Finance Ministry document presented to the IMF in April and seen by Bloomberg.
“An agreement is at an advanced stage on a total of $400 million, which should allow Chad to save an estimated $150 million as debt servicing and receive an estimated additional oil revenue of $250 million from the Badoit project,” the government said in the document. Badoit refers to Chevron Inc.’s oil and gas assets purchased by the government last year.
The advance on crude sales helped Chad’s state-run firm SHT acquire Chevron’s assets in the country.
This would not be the first delayed payment Chad has made, according to IMF documents the country’s $60 million payment last year from a 2013 loan was also delayed, although the postponement of that payment was not oil price related.
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