Senegal: Sar signs two financial agreements

6 September 2010

On Wednesday 1 September, the African Refining Company (Sar) signed a financial agreement in the amount of 80.4 million dollars with Ecobank and a second one for 380.5 million dollars with the Nigerian bank Uba, to cover the cost of its feedstock of hydrocarbons for a period of one year.

"This signature will make it possible to repay debt, access capital, and to get funding in order to function properly, extend and modernise the refinery", declared the managing director of the African Refining Company, Carmelho Robert Sagna, quoted by the newspaper Wal Fadjri.

It is planned to increase storage capacity from 1.2 tonnes to more than 3 tonnes of crude oil.

This announcement coincides with the announcement of oil tax revenues for the first six months of 2010 in Algeria. These amount to 20 billion dollars, which represents a rise of 21 percent compared to the previous year. This report was made last Thursday by the General Directorate of Taxes last Thursday to the APS press agency. 

Category: Energy