YAOUNDE, Cameroon — The first tanker set off from a Cameroon port with crude from a massive $3.7 billion pipeline, officials said Sunday, launching an ambitious World Bank project aimed at developing West African oil as an alternative to Mideast supplies.
President Bush’s administration, hopeful of lessening U.S. dependence on Mideast oil, has pushed development of West Africa’s industry.
The 665-mile pipeline from the landlocked nation of Chad to the Atlantic ports of Cameroon represents the World Bank’s largest-ever investment in sub-Saharan Africa.
Conceived in 1996 with support from the Clinton administration, the pipeline was developed by an international consortium, with ExxonMobile holding a 40 percent stake, Malaysia’s Petronas 35 percent, and ChevronTexaco 25 percent.
A tanker carrying the first 950,000 barrels left the Cameroon port of Kribi for world markets Friday, Cameroon’s National Oil Transportation Co. and National HydroCarbons Co. reported.
Presidents Paul Biya of Cameroon and Idriss Deby of Chad are to inaugurate the pipeline next Friday.
West Africa, led by Nigeria, already supplies the United States with about one-fifth of its oil — roughly equal to Saudi Arabia’s share of the U.S. market.
Backers say daily production will hit 250,000 barrels at peak and revenues could reach $2 billion for Chad and $500 million for Cameroon over the projected 25-year production period.
Chad’s leaders have pledged to invest the majority of expected oil revenues in programs to lift the country out of poverty and to develop health, educational, and agricultural sectors.
Copyright ©2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
