Maire Tecnimont lands in Cameroon and the markets like the operation. Through a consortium made up of some of its subsidiaries (86%) and the Turkish company Ustay (14%), the Italian company was in fact awarded phase 2 of the expansion project of the Sonara complex in Cameroon. And mid-morning the title already gains more than 5% on the stock exchange a 1,629 euro.
The project, explains a note, concerns the construction of a new Hydrocracker complex inside the refinery located in Limbè (in the south-west of the country). Sonara is the state entity that owns and manages the only refinery in the country. The total value of the contract is equal to approximately 715 million dollars, of which approximately 612 million pertains to Maire Tecnimont.
Completion of the project is scheduled for the second half of 2017. The project, adds the note, was awarded by the Cameroon Ministry of Public Contracts following an international tender in which the consortium was the highest bidder competitive among the numerous important international competitors. Phase 2 of the expansion project of the Sonara complex is considered by the Government of Cameroon to be of strategic importance for the development of the country.
“The Sonara Project confirms, once again, the appreciation by our customers of the validity of our strategy focused on the core business”, commented Pierroberto Folgiero, CEO of Maire Tecnimont. “With this contract, the total value of the awards announced over the last two months exceeds $1,65 billion, which represents clear evidence of the Group's performance and a solid basis on which to rely in the coming years. Furthermore, this important project further strengthens the Group's presence in a promising geographical area such as West Africa and confirms our focus on the core business of Oil & Gas, as well as representing a prestigious reference in the refining sector. We are very pleased to begin this fruitful collaboration with Cameroon he concluded – a country characterized by a stable and promising economy”.
