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U.S. firms interested in Cameroon pipeline

May 28, 2013 at 12:15 AM   |   Comments

YAOUNDE, Cameroon, May 28 (UPI) -- A consortium of U.S. investors is interested in constructing an oil pipeline in Cameroon.

The proposed pipeline, costing more than $1 billion, would transport petroleum products from Cameroon's Limbe oil refinery through Douala to Yaounde.

The proposal was unveiled on behalf of the consortium by the Govind Development Plc. Vice Executive President Andy Bennet during an audience with the Cameroon Prime Minister Philemon Yang.

John Richter of the Richter International Trade Finance Consulting said, after the discussion with Yang, that the consortium has the "technical expertise and can bring direct foreign investment necessary to build the project to the benefit of Cameroon.

Investors are seeking a 30-year operating lease and government aid in acquiring rights of way for the project, The Cameroon Tribune reported.

Richter added that the consortium was optimistic that the investors would conclude a Memorandum of Understanding with government in the near future.

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