IPRB: Context & Dynamics

Excerpt from study "Traversing Peoples Lives: How the World Bank finances community disruption in Cameroon" published by CED: "...The Chad-Cameroon Oil and Pipeline Project is the biggest foreign investment project in sub-Sahara Africa today. It involves the drilling of 300 oil wells in the Doba region in the South of Chad and the construction of a 1070 km pipeline to transport the oil from Chad through Cameroon to an offshore loading facility at the Atlantic Coast. The offshore terminal facility will be connected to the port of Kribi by an 11 km underwater pipeline. The expected oil production is 225,000 barrels per day. The project is expected to start operating end of 2003. The project sponsors are ExxonMobil of the U.S (operator, with 40% of the private equity), Petronas of Malaysia (35%) and Chevron of the U.S (25%). The project is estimated to cost US$3.7 billion. Apart from the World Bank, the project is financed by the European Investment Bank (144 million euros), US Export-Import Bank (US$200 million), the French export credit agency COFACE (US $200 million) and a consortium of private banks lead by Dutch ABN-Amro and Crédit Agricole Indosuez..."