CSTAR: The Board of Directors welcomes progress on the project

Meeting in Dubai on 6 December 2025, the members of the Board of Directors of CSTAR and CSTAR Petroleum reviewed the significant progress made on the project.

The session, chaired by Mrs Nathalie Moudiki, Chairlady of the Board of Directors, brought together representatives of the Ariana Energy Group, the RCG Consortium and TRADEX, along with directors, advisers and experts involved in building the future refinery and storage depot in Kribi.

In her opening remarks, Mrs Moudiki welcomed the “concrete and visible progress on the field”, citing in particular the legal establishment of the project entities, the operationalisation of their governance structure, and the financial structuring process, which is now well underway. SNH, the main Cameroonian shareholder, has already financed one-third of the cost of the refinery’s FEED and the entirety of the future TankFarm from its own funds.

At the Mboro site, near Kribi, the base camp is already operational. A team of engineers is expected to arrive in January to initiate the construction phase. The laying of the foundation stone on 17 July 2025 marked a major symbolic milestone in the project’s development.

Another decisive step was the signing of a framework agreement and an arrangement mandate with BGFI Bank Cameroon, aimed at mobilising the additional financing required to complete the refinery.

Despite a national context marked by political deadlines, CSTAR emphasises the “resilient and constructive” dynamics driving the project. Mrs Moudiki thanked the partners for their commitment and consistency, stressing that “the success of the project depends on the quality of the teams behind it.”

The next steps include finalising the technical studies, effectively launching construction and continuing efforts to secure financing.