CI-NEWS

Lukoil promises to reconstruct SONARA

2020-02-19

No: 472

Lukoil promises to reconstruct SONARA.

Lukoil, Russia’s largest private oil operator, has announced its intention to reconstruct the destroyed sections of the National Oil Refinery, SONARA.

Officials of the company were speaking lately after they were received in separate audience by Prime Minister Dr. Joseph Dion Ngute and the Minister of Energy and Water Resources. The oil and gas company, Lukoil initially made their intentions to invest in Cameroon known in late 2019 at the Africa-Russia Summit that held in Sochi, Russian. The company produces over 2.4 million barrels of oil daily. It is a huge potential Cameroon hopes to tap from. This will only become possible when the logistics and paper work is completed. For Lukoil to have deployed its key officials to Cameroon, it communicates that the firm means business. Experts in the domain say the establishment of Lukoil outfits in Douala will not only render the sector robust, but enable the city to thrive as a nation’s economic hub.

Speaking after the audience granted the officials, the Lukoil vice president, Ivan Romanovsky, sounded optimistic about their imminent extension in Cameroon. “Currently, we have a project in upstream, together with another company that will serve as the operator for this project. We work in a team in the field.

Today we are working on front engineering and design for the project. And finally if the economy allows us to make a final investment on the project, it will be made by the end of this year”, Ivan Romanovsky stated. Lukoil is not the first oil firm that has expressed interest in Cameroon as some two scientists from a Russian University in 2019 began discussing the possibilities of training Cameroonians and partnering with local firms to improve Cameroon’s capacity in oil and gas production. The two experts addressed business operators and niversity students at the nation’s economic hub, during which they said Cameroon is Africa in miniature, with a huge gas and oil potential. “The Russian technology has carved a niche over the world especially in Asia and America”, they added. The goal of the exchange is to import technology and build local capacity in the domain, experts said. Lukoil’s operations in Cameroon will also feature the reconstruction of the destroyed sections of the National Oil Refinery, SONARA. Being the biggest private oil firm in Russia, Lukoil runs operations in 30 countries across the globe, including Africa. The different countries do not only host the firm but benefit from its set-ups. “We have mutual beneficial projects in the countries that we work in. The people that we work with have to benefit from these projects”, Lukoil’s Vice President observed. The imminent opening of the Douala outfit will be the first in central Africa.

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Lukoil promises to reconstruct SONARA