Monday, March 22, 2010

TOTAL and ELF withdraw from SONARA because of future risk

TOTAL and ELF, both French oil companies that held important shares in the National Oil Refinery SONARA in Limbe. Have all withdrawn their shares from the company and preferred settling in Ivory Coast.

The revelation was made in a Board meeting to overhaul the company that is already crumbling. “We can not stake our money any longer in a potentially hazardous zone,” the TOTAL representative is reported to have said.

It is reported he explained further by stating that the Southern Cameroons liberation activists are gaining grounds and anything could happen at anytime in the SONARA area which is in Southern Cameroons.

By Nke Valentine

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