BGFI Cameroon to Raise CFA120bn for Kribi Refinery Project
The financing mandate was signed on November 4, 2025, between executives of BGFI Cameroon and the project company. According to sources, the bank will not only mobilize funding but also act as agent bank, managing the project’s financial and administrative operations throughout its implementation.
Construction of the Cstar refinery officially began on July 17, 2025, in Kribi. The work is being carried out by the RCG Turnkey Solutions consortium in partnership with Global Process Systems (GPS) and Norinco International. Built on a 250-hectare site, the project includes a fuel storage terminal (diesel, gasoline, jet A1, kerosene, HFO) with an initial capacity of 250,000 to 300,000 m³. The total investment is estimated at about CFA115 billion.
According to official estimates, the refinery could reduce fuel imports by 30%, generating annual savings of around CFA400 billion. It is also expected to yield CFA141 billion in yearly export revenues and create 2,000 direct and 5,000 indirect jobs, while fostering local skills transfer.
The Kribi refinery project reflects Cameroon’s ambition to restore energy self-sufficiency, weakened since the prolonged shutdown of the Sonara refinery following a fire in May 2019. Since then, the country has relied entirely on imports of refined petroleum products.
With national fuel demand estimated at 1.9 million metric tons per year, Cameroon’s current storage capacity—about 270,000 m³—falls short of regulatory requirements, which call for 30 days of security stocks and 15 days of commercial reserves, totaling around 470,000 m³. The planned 250,000 to 300,000 m³ terminal at Kribi is therefore expected to help bridge this gap.