2024-07-18 14:17:34
The red carpet was rolled out before the military and civilian audience.yes In July, at the Bord de Mer presidential palace in Libreville, General Brice Oligui Nguema celebrated the nationalization of oil company Assala Energy, formerly owned by the American investment fund Carlyle Group and now by the publicly traded Gabon Oil Company (GOC).
If the nationalization had been official since February, it returned to the forefront during the ceremony of handing over the acquisition documents. This is undoubtedly an affirmation of our sovereignty. », Gabon’s president announces transition. Economic benefits are important for the country, with oil accounting for 68% of exports in 2023. « Sixty-seven years later, Gabon has just regained its lost territory [la première exportation d’or noir]an important component of its oil. [Cela] Now our production accounts for 25% of the national production,” Developed by Brice Oligui Nguema.
Assala Energy is the second largest oil company in Gabon, following the Franco-British group Perenco, with an average production of 45,000 barrels of oil per day. In August 2023, a sales agreement was signed with the French company Maurel & Prom before the Gabonese government exercised its right of first refusal. This is how GOC acquired Assala for regarding $1.3 billion (regarding 1.2 billion euros at current prices).
The goal of the transitional authorities is clear: to benefit from the economic benefits of the country’s oil activities, whose revenues have been monopolized by the Bongo family for decades, from 1967 until the coup by General Origi Nguema that overthrew Ali Bongo Ondimba. , August 30, 2023. “Oligy Nguema must prove that he is capable of delivering something else and breaking with the practices of the Omar and Ali Bongo regimes, especially personal enrichment at the expense of the well-being of the people,” Remadji Hoinathy, a researcher at the Institute for Security Studies (ISS), explains.
However, it may take some time for GOC to benefit from the acquisition of Assala Energy. « These assets are priced well above their actual value, which many traders estimate to be between $70 billion and $800 million at best. As a result, this business will be particularly difficult to make a profit.” estimates Benjamin Augé, a researcher at the French Institute for International Relations (IFRI).
GOC expects turning point
To finance the acquisition, the state received a loan from the Swiss Gunvor Fund. On July 7, the Chinese government’s general secretary explained that the repayment period for the $1.055 billion will last five years. « We will repay $20 million per month starting in September.” He said this in an interview with Gabon Channel One.
Buying Asara Energy also means that you find yourself managing a quarter of Gabon’s oil production, thus taking on a greater responsibility than you have had to date. If nationalization seems to be welcomed with pride, including in the oil industry, then the Chinese government is expected to turn things around. « It will be managing much larger assets than before. Currently, it operates on a small scale. Therefore, its ability to manage such large and complex deposits faces real challenges. ” Benjamin Ojie explained.
Investments must also be made. Some of the infrastructure is old, such as the Gamba oil terminal, which is more than 50 years old and whose assets were sold by Shell to Asara Energy in 2017. Asara has since invested in the terminal, but « Maintaining its technical integrity » Stay « A huge challenge”, said Aristide Nyamat Bantsiva, former Shell manager in Gabon.
For Brice Origi Nguema, the nationalization also shows that he is delivering on a key promise he made when he came to power: to reform the economy to benefit the Gabonese people. « The gesture was intended to show fellow citizens that Gabon had entered a new era and was working to regain a degree of economic sovereignty. », Remadji Hoinathy pointed out.
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Brice Origi Nguema has often criticized the Bongo dynasty’s management of the country and has expressed his desire to end its rule. ‘Rampant corruption’ and to a “Disaster governance”. In March, the transitional authorities announced the launch of an audit of Delta Synergie, the Bongo family holding company, which has influence in all sectors of the Gabonese economy.
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