24 May 2013

Cameroon: Fuel Transportation - US Investors Interested

A consortium of American investors have manifested interest in constructing a pipeline to transport petroleum products from the oil refinery in Limbe through Douala to the capital city, Yaounde counting for the first phase.The investors led by the Vice Executive President of Govind Development, PLC, Andy Bennet disclosed their intentions during an audience with the Prime Minister, Head of Government, Philemon Yang at the Star Building, May 23, 2013. They indicated that they want to use their stay in the country to hold talks with more government officials and heads of different companies to discuss details of the project and other possible areas of investment.

One of the investors, John Richter of the Richter International Trade Finance Consulting, disclosed to reporters after the talks with Prime Minister Yang that the consortium has the "technical expertise and can bring direct foreign investment necessary to build the project to the benefit of Cameroon." He justified that they have contacts with investment groups in the United States of America that show interest in some projects in Cameroon.

The construction of the pipeline to transport petroleum products from Limbe to Yaounde, John Richter said,will cost over one billion US Dollars (about FCFA 500 billion) and the pipeline will last for 30 years. For the project to be executed, the investors will want government to provide licenses to put the pipeline in place and help to get the right of way. As to when the project can start, he said some agreements will have to reached and in a near future the investors will sign a Memorandum of Understanding with government. The investors are interested to form joint ventures with Cameroonian companies to develop infrastructure projects.

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