The National Refining Company is also prone to bankruptcy, according to the 2019 report on public enterprises published by the Technical Commission for the Rehabilitation of Public and Parapublic Sector Enterprises.
It is not rosy for the National Refining Company (SONARA), which is experiencing a most alarming financial situation, in a context marked by the prevailing economic situation, one of the main causes of which is the armed conflict in the South West region.
According to the 2019 report on public enterprises published by the Technical Commission for the Rehabilitation of Public and Para public Sector Enterprises (CTR), operated by our colleagues from Investing in Cameroon, SONARA showed a deterioration of its funds as of December 31, 2019. own, dropping from -60.3 billion FCFA in 2018, to -167.6 billion FCFA in 2019.
The state-owned oil company is also prone to a “bankruptcy” situation, with funds less than half of the capital since 2014. It also has a debt that amounts to more than 781 billion FCFA.
“This colossal debt includes CFAF 196.5 billion in financial debt; and 454.4 billion FCFA in short-term debt, of which 351.9 billion FCFA in supplier debts and 139.8 billion FCFA in bank debts. In addition, notes the CTR, the personnel costs of this company absorbed 2.26% of the company’s turnover for fiscal year 2019 “, report our colleagues.
In an attempt to save SONARA from bankruptcy, the CTR proposes an adjustment of the workforce according to the new activities of SONARA, with a view to reducing its operating costs; the recapitalization of SONARA, through the partial cession of State shares to its branches and/or to private parties; the development of a price structure for petroleum products, which includes a line of “refinery support” ensuring a minimum margin of FCFA 47.88 / L, all products combined …