Cameroon has renegotiated its refining debt with trader Vitol, bringing it in line with an agreement reached with local banks last year.

Sonara, the state-backed refiner, will repay its 185 billion CFA francs ($275 million) over 10 years at an interest rate of 5.5%. The agreement is also said to be a model for how Sonara will pay its debts to other retailers.

Finance Minister Louis Paul Motaze and Vitol executives signed the agreement on September 22 in Yaounde.

Reuters quotes…

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