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Energy
ENEO posts XAF155 bln of debt to
Independent power producers and fuel
suppliers at end-2019
In its recently published 2019 annual
report, Eneo indicates that during
the 2019 financial year, it experienced an «unprecedented deterioration of its financial situation.”
These financial difficulties resulted in
the accumulation of its debts owed
to the independent power producers
it is partnered with as well as companies that supply fuel for thermal
power plants. According to official
information, the overall debt to the
suppliers, at the end of 2019, was
XAF155 billion. Let’s note that because of the supplier debts, Eneo was
sued by state-owned oil distributor
Tradex, which was claiming about
XAF52.7 billion of unpaid debts.
Eneo explains that in 2019, its financial problems were mainly caused
by the non-payment of bills owed
by some large clients, including the
state and its agencies.
Officially, the volume of debts owed
by these large clients was over
XAF180 billion on December 31,
2019. It includes XAF63 billion owed
by the state and its agencies. But, in
2020, the company’s financial situation improved substantially.
Indeed, during an interview with
Business In Cameroon, Eric Mansuy
(Eneo’s MD) revealed that in June
2020, the government paid over
XAF45 billion to partially settled its
debts to ENEO. That amount “helped
launch the restoration of trust in the
sector, as the sums thus raised were
used to clear part of the debts owed by
major players in the sectors (Sonara,
Globeleq Cameroon, SonatreL, EDC,
etc.) (…) Also, other operators have
agreed to negotiate moratoria or new
schedules for the settlement of their
debts,» he added.
According to the executive, thanks
to the funds released by the government, Eneo was not only able to pay
its suppliers, but it was also able to
calmly plan a XAF100 billion bank
loan to settle its medium-term debt
and fund additional investments.
Authorized in early 2020 by the board
of directors, this fundraising operation has surely been carried out but
the results are not yet available.
From Business in Cameroon
(Business in Cameroon) - On February 8, 2021, districts of Yaoundé, the Cameroonian capital, were again briefly plunged into darkness. Although it recalls the ordeal that some populations of the capital have been going through since the end of January 2021, this brief interruption in the distribution of electrical energy was the result either of minor incidents on the network, or of scheduled work on the distribution network, we learn from good sources.
Nothing to do with the ordeal experienced by the populations connected to the southern interconnected network (RIS, Center, South, Littoral, West, South-West and North-West), on January 25 and 28, 2021. Indeed, during these two days, we learn from good sources, Cameroon experienced two collapses of its electricity network, due to events on the transport network, in particular on the Songloulou-Logbaba and Songloulou-Mangombe lines. These incidents caused major disruptions in the distribution of electricity throughout the RIS.
"? The origin of these incidents has still not been identified by the teams of the transmission system operator," reveals an authorized source, who confides that following the network collapse of January 25, 2021, a meeting was summoned urgently on January 27, 2021, by the Minister of Water and Energy, Gaston Eloundou Essomba. "? But the next day, a new major incident occurred on the same lines,? " continues the same source.
These repeated incidents reveal the level of fragility of the electricity transmission network in Cameroon, the maintenance of which is questionable and could cause many damages to electricity consumers in the days to come, confesses an internal source at the National company for the transport of electricity (Sonatrel).
As a reminder, created in 2015, Sonatrel, a company 100% controlled by the Cameroonian State, has been managing the electricity transmission network in the country since 2018. This State company inherited dilapidated installations, which make officially lose at least 6.5% of national electricity production. According to World Bank estimates, the financing needs for the improvement works of the electric energy transport network in Cameroon are estimated at around CFAF 850 ??billion.
https://www.investiraucameroun.com/energie/0902-15945-en-fin-janvier-2021-le-cameroun-a-connu-deux-effondrements-du-reseau-de-transport-provoquant-des-coupures-d-electricite
Page 7
Prometal to commission the most modern iron processing plant in Sub-Saharan Africa
in H2-2021, in Cameroon
In late 2018, Prometal (leader of the
concrete iron and ferrous products
market in Cameroon) launched the
construction of Prometal 4, an iron
processing plant. At the time, the
company presented Prometal 4 as
the most modern iron processing
plant, with the most diversified range
of products, in Sub-Saharan Africa.
Based in the industrial zone of Bassa
(Douala), “the plant will be the only
rolling mill (a factory or machine
for rolling steel or other metal into
sheets) of this type in Sub-Saharan
Africa,” a source close to the case
indicates.
The plant to be supplied by German
metallurgical plant supplier SMS
Group (which is thus carrying out its
first contract in Sub-Saharan Africa)
will be delivered in Q1-2021. It will
then be commissioned in H2-2021,
after a trial and run-in period.
Prometal 4 is the result of a XAF40
billion investment supported by four
local banks. According to an internal
source at Prometal, it will increase
the company’s yearly production
from 200,000 to 300,000 tons. It
will also allow Prometal to market
products (such as beams, angle
irons, smooth bars, and screws as
well as flat bars and wire rods, which
are intermediate products used to
manufacture nails) that are currently
imported by African countries. more........
https://www.businessincameroon.com/images/stories/bc96.jpg