Sonara completes debt restructuring with Swiss trader Trafigura

Cameroon’s national refinery- Sonara signed last September 29 a deal with Trafigura PTE LTD to restructure CFA14 billion owed to the Swiss trader. Per this new debt restructuring agreement, the Cameroonian company now has 10 years to repay the amount with an interest rate of 5.5%. The partners also agreed that the State will guarantee Sonara through “the inclusion in the petroleum products’ price structure of a refinery support line of FCFA47.88 per liter”, explained Finance Minister Louis Paul Motaze. The beneficiary will then settle its debt via this mechanism. As a reminder, Sonara also has similar deals with traders…