2023-09-20 22:48:00
Ndjamena contests this decision of the American judge who orders one of the largest international banks, Citigroup, to order its subsidiary Citibank-Gabon to freeze the funds held in the Cotco account, with the exception of payment current charges.
Citibank Gabon is not its branch, and as such, depends on Gabonese law. “ She therefore does not have to respond to the injunctions of American justice », argued the Chadian Minister of Oil, Djerassem Le Bemadjiel. And for those who say that this decision by the American judge is “ a hard financial blow for the Chadian government », « This is false, absolutely false » he insisted.
This sum of 151 million US dollars corresponds only to the dividends generated on the transport of Chadian crude oil by the pipeline between Chad and Cameroon in 2022, explains the Chadian minister. Only 24% of these funds must return to Chad. “ This does not even represent 2% of our annual oil revenues “, he assured.
Cotco said it had transported Chadian crude oil worth an estimated $4.5 billion in 2022 (nearly 2.7 trillion CFA francs). The Chadian minister also assures, with supporting documents, that his government was the first to request a freezing of Cotco’s account at the end of May of this year, in order to prevent ” the Savannah company, which we do not recognize, does not draw from this ».
As for the case between the Chadian government and Savannah Energy, ousted from the Chadian oil company by Ndjamena following it bought ExxonMobil’s shares in Chadian oil, it will be decided from June 2025 before the Court of Arbitration International Paris, according to the Chadian side.
In the meantime, Ndjamena assumes the “nationalization” of its oil. “ We are working to compensate ExxonMobil for its shares », explains Djerassem Le Bemadjiel. He is waiting ” in return » of the American major that she “ compensation » for its part, Chad for leaving without having restored the polluted soil.
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