Congo : La SNPC lance un emprunt obligataire de 100 milliards de FCFA pour financer ses projets pétroliers

At the end of December 2024, Société nationale des pétroles du Congo (SNPC) launched a FCFA 100 billion (€152.4 million) bond issue on the financial markets of the Central African Economic and Monetary Community (CEMAC). Open until 29 February 2025, this operation is designed to finance drilling projects in three strategic oil fields, thereby boosting the production of the Congolese state-owned company.

To promote this loan, Maixent Raoul Ominga, Managing Director of SNPC, conducted a regional tour, including a visit to Libreville on 11 February. In front of an audience of Gabonese businessmen, he extolled the merits of the operation: "This loan will finance a highly structuring project for SNPC, stimulate our growth, increase production and serve our economy. With a rate of return of 6.5%, savers can invest without fear", he said, supported by a detailed presentation.

Created in 2002 after the dissolution of Hydro Congo, SNPC, which is 100% owned by the Congolese state, has historically relied on international loans. But with global financing for fossil fuels becoming increasingly scarce, the company is now turning to regional markets. "Fossil fuels are still necessary for our economies, even if we are working on an energy transition," emphasised Ominga, arguing for a pragmatic approach combining controlled exploitation and the development of sustainable solutions.

This initiative marks a first in the CEMAC: no oil producer in the region has ever solicited local savings on such a scale. Yannick Mefane, Managing Director of Premium Capital Securities, co-arranger of the operation, sees it as a strong signal: "We are showing that we can finance our own economy without depending on costly international funds.

To attract subscribers, SNPC is offering an unprecedented advantage: tax exemption on the income generated by this loan. "In traditional private transactions, the investor bears the tax. Here, SNPC takes care of that, making the operation particularly attractive", explains regional financial expert François Binet. This arrangement, combined with the 6.5% rate, is designed to mobilise the savings of CEMAC nationals.

This fundraising is only the first step. After the FCFA 100 billion, SNPC is planning a second loan of FCFA 200 billion (€304.8 million) at a later date, to consolidate its capacities and support its growth. These drilling projects in three key oil fields should enable the company to maintain its strategic position in a sector that is vital to the Congolese economy, while contributing to regional development.

By approaching investors in Gabon and CEMAC, SNPC is not only seeking to diversify its financing, but also to strengthen the economic autonomy of the sub-region. This transaction, which combines an attractive return with a structuring impact, could redefine the financing models for public companies in Central Africa, in a global context marked by tensions over fossil fuels.