The Republic of Congo’s national oil company, Société nationale des pétroles du Congo (SNPC), plans to raise 200 billion XAF ($319 million) through bond issuance in partnership with regional financiers to drive economic growth.
This is part of SNPC’s Performance 2025 initiative, which seeks to secure 300 billion XAF ($487 million) in total financing.
The first phase of the program was launched in December 2024 and has already raised 100 billion XAF ($159 million) from investors across ECOWAS financial markets.
The second phase, aimed at securing the remaining 200 billion XAF ($319 million), is expected to strengthen Congo’s oil production capacity.
According to SNPC’s Director General, Maixent Raoul Ominga, the funds will be directed toward drilling operations in the Nanga 1, Mayombe 11, and Kouakouala onshore basins.
“Fossil fuels remain necessary for our economies, even if we are working on an energy transition,” Ominga said.
The bond issuance offers a 6.5% interest rate and aligns with SNPC’s strategy to enhance oil sector contributions to national economic development.
With approval from the Central African Financial Market Supervisory Commission, the initiative complies with regional financial regulations.
The funds will also support SNPC’s broader goal of modernizing oil infrastructure and optimizing production efficiency.
The company aims to increase national output to ensure a steady supply for both domestic use and exports.
On his part, Yannick Mefane, CEO of Premium Capital Securities and co arranger of the bond issuance, noted that raising capital within the region reduces reliance on expensive foreign funding.
“We are showing we can finance our own economy without depending on costly international funds,” Mefane stated.
The bond issuance is expected to attract a wide range of regional investors, particularly within the CEMAC zone, boosting financial stability and economic development. Subscription for the bond closes on February 29, 2025.
