The high-stakes meeting in Yaoundé on October 20, 2026, between Cameroon’s Minister of Water and Energy, Gaston Eloundou Essomba, and a trading delegation led by Cédric Ketchanga of KC Trade International, has ignited intense debate over the future of the country’s oil import strategy. The proposal centers on an untested “Open account 100%” financing model, where shipments arrive before payment is due—a radical departure from traditional trade norms in the oil sector, where documentary letters of credit dominate to minimize risk.
Behind the financing model: a tightrope walk for Cameroon’s treasury
The proposed “Open account 100%” scheme would see crude and refined products delivered to Cameroon upfront, with payment deferred indefinitely. While such arrangements are commonplace in the European consumer goods trade, they are virtually unheard of in oil commerce. A single shipment of gasoline or diesel, for instance, can top $60 million depending on global oil prices and vessel capacity. Yet the specifics remain shrouded in secrecy: no details have been disclosed on credit duration, volumes involved, or whether sovereign or bank guarantees would backstop the deals.
For Cameroon’s Treasury and the Société camerounaise des dépôts pétroliers (SCDP), which manages storage terminals, this lack of transparency raises critical questions. Could deferred payment terms ease budgetary pressure in the short term, or does this gamble expose fragile public finances to unmanageable debt risks? The absence of public financial parameters leaves stakeholders guessing—and trading partners negotiating from a position of advantage.
Cameroon’s newfound reliance on foreign traders
The timing of the proposal couldn’t be more significant. Since the catastrophic fire at the Société nationale de raffinage (Sonara) refinery in Limbé in May 2019, Cameroon has relied entirely on imported refined petroleum products. Between January and October 2025 alone, the country brought in 1.58 million metric tons of liquid fuels and 208,216 metric tons of liquefied petroleum gas (LPG), totaling nearly 1.79 million metric tons. With no restart of the refinery in sight, annual imports are poised to reach 2.1 to 2.2 million metric tons—leaving the market wide open to international traders like BGN and Zyron Energy.
BGN, led by Rüya Bayegan and headquartered in Geneva, has already begun deliveries to Cameroon and is eyeing deeper investments. Meanwhile, neighboring Côte d’Ivoire, with its 3.5-million-ton annual refining capacity, remains a net exporter. The contrast highlights the scale of untapped market share now up for grabs in Cameroon—a segment once dominated by opaque bilateral contracts between Sonara and select suppliers.
Beyond imports: a blueprint for Cameroon’s oil sector integration?
The delegation’s pitch extended far beyond simple supply agreements. Proposals on the table include:
- Long-term supply contracts spanning multiple years
- International marketing of Cameroonian crude oil, traditionally handled by the state-owned Société nationale des hydrocarbures (SNH) via quarterly tenders
- Joint equity stakes in shipping fleets and critical infrastructure, including ports and oil facilities
Each of these avenues would bind Cameroon to private operators in long-term partnerships, with commercially sensitive details yet to be disclosed. The potential entry of new players into crude marketing, for example, could disrupt the state’s quarterly tender system—a cornerstone of oil revenue generation. With Cameroon producing just 60,000 to 65,000 barrels per day in recent years, every barrel counts toward national coffers. The minister’s decision will shape not only cash flow but also the country’s strategic direction in hydrocarbons for decades to come.
Public debate ignites: risk versus relief for Cameroon’s economy
The proposal has sparked fierce debate across political and economic circles in Yaoundé. Supporters argue that deferred payment terms could provide much-needed breathing room for a state struggling with tight liquidity. Critics warn that the “Open account 100%” model opens the door to exploitative pricing, hidden fees, and unchecked foreign exposure—risks that outweigh any short-term budgetary relief. With no public financial data on the table, citizens and lawmakers are divided: Is this a bold stroke to stabilize supply, or a high-stakes roll of the dice with the national interest at stake?