GDF Suez is to invest $5bn in the construction of a liquefied natural gas (LNG) plant in Kribi, Cameroon. The French energy company reached an agreement to explore for LNG in Kribi in 2008.
The president and CEO of GDF Global LNG, Philippe Olivier, said that talks with Cameroon’s president, Paul Biya, had gone well and that both parties were looking forward to the project.
The investment will be one of the largest that Cameroon has received. According to greenfield investment monitor fDi Markets, Cameroon received $10bn worth of investments in the first 11 months of 2010, its highest ever recorded figure.
The country’s FDI levels have risen steadily since 2006, with 2009 receiving the most recorded projects (nine). While 2010 has received fewer projects, the capital expenditure has totalled nearly ten times that of the previous year.
Compared with its neighbouring nations, Cameroon has enjoyed many years of stability, which has brought in solid levels of investment into its petroleum and timber sectors.