Cotco Board Appoints New CEO Amid Savannah Energy’s Chad-Cameroon Pipeline Crisis

  • He will be assisted by Chad’s Haoua Daoussa Déby, who was, until now, the deputy general manager of the Djermaya oil refinery. 
  • Before the CEMAC commission, Chad also committed to cede part of its Cotco shares to Cameroon’s National Hydrocarbons Corporation (SNH).

The Cameroon Oil Transportation Company (Cotco) held a board meeting in Douala earlier today July 4, according to sources inside the company. According to a source, “The first purpose for the meeting was the appointment of new directors for the company.” Bako Harouna has been appointed head of the company in charge of operating the Cameroonian section of the pipeline through which Chad exports all its oil. Prior to his appointment, Harouna was Deputy Managing Director of the Port Authority of Kribi (PAK). He will be assisted by Chad’s Haoua Daoussa Déby, who was, until now, the deputy general manager of the Djermaya oil refinery. 

This appointment seems to have been accelerated by current events within the company. In a letter dated June 30, 2023, State Minister Ferdinand Ngoh Ngoh informed Fuh Calistus Gentry -Secretary of State to the Minister of Mines, Industries and Technological Development- of plans to close the pipeline. According to the letter, the executives appointed by Savannah Energy to head Cotco were threatening to shut down the pipeline.

Savannah Energy claims to have acquired 41.06% of the Cotco shares held by the American company Exxon Mobil, earning control of the company.  Based on that fact, a board meeting held in Paris on May 24, 2023 appointed Nicolas de Blanpré as CEO. However, with the completion of the Société des hydrocarbures du Tchad (SHT) buyout of the 31% of Cotco shares then held by Malaysia’s Petronas, N’Djamena took control of the company with 53.77% of the shares. It then organized a general meeting,  on the same day and in the same city as Savannah Energy, dismissing all the directors representing Savannah, including Nicolas de Blanpré.

Before the CEMAC commission, Chad also committed to cede part of its Cotco shares to Cameroon’s National Hydrocarbons Corporation (SNH). In a confidential letter sent on June 2, 2023, to the Chadian Minister of Hydrocarbons by SNH Managing Director Adolphe Moudiki, we learn that Cameroon is demanding the cession of 20% of the  53.77% share currently held by Chad in Cotco’s capital.  But Chad is offering to transfer a little over 10%. It is not yet clear whether the board at the meeting discussed that point. It also remains to be seen what Chad and Cameroon intend to do with the 41.06% of Cotco shares claimed by Savannah Energy as well as how the latter will react to those developments. 

Source: Business in Cameroon

Leave a Reply

Your email address will not be published. Required fields are marked *