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Libreville, Wednesday, July 10, 2024 (Infos Gabon) – Mr. Marcelin Simba Ngabi, Managing Director of the Gabon Oil Company (GOC), guest of the program “Les grands dossiers” on Gabonese television, had to provide certain details about the final takeover of Asara Energy by the Gabonese government, an event celebrated by the Gabonese authorities.
“Before expanding, I must first emphasize that Asara was not nationalized, but acquired by the State. The distinction is important, since nationalization is the forcible seizure without paying, and then there is the vexing question of redemption. Indeed, when the Gabonese government authorized the GOC to seize Asara Energy, it was a conditional seizure, first of all by not counting on the state budget to buy back the oil company, and by finding a preemptive way for investors,” explained Marcelin Simba Ngabi on July 7.
And added: “Another condition is that this investor should not be in the capital of Assara, because the Gabonese government wants to own 100% of that capital to create a fully sovereign company. Then, we want to be an operator. Another sovereignty issue is that it is considered that the Gabonese, after a little more than 67 years of oil extraction, are capable, competent, and able to continue to manage as multinational companies operate in our country today.”
“So we went to the international market looking for investors,” he continued. “We met nearly 34 entities (banks, companies, etc.) ready to support us, but we had our conditions. I remind you, because it is very important to emphasize, that the Gabonese authorities asked us to choose our partners as late as possible in order to allow all investors to apply. We met partners from all continents and countries and we chose the Swiss company “Gunvor”, which met all our necessary conditions.”
Regarding the financial arrangements, “This classic transaction itself is based on two contracts: the marketing contract and the financing contract. Regarding the financing, we acquired Asara Energy for $1.055 billion, about 633 billion CFA francs, not the 800 billion we heard everywhere. Even though the contract we signed gives us the possibility of early repayment, we will repay the money within five years. From September 2024, we will repay $20 million per month, or $240 million per year, or about 144 billion CFA francs per year.
Speaking of the real benefits, “A lot of things could change after acquiring Asaala Energy, which produces 25% of Gabon’s oil. In short, Asaala is about 50,000 barrels per day, which means that by buying Asaala, the Gabonese government could get more than 50,000 barrels,” he concluded.
FIN/INFOSGABON/SM/2024
Copyright Information Gabon
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