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Gabon Oil Company Raises Its Share Capital To 11 Billion FCFA

National Hydrocarbons Gabon Oil Company (GOC has decided to recapitalize its share capital, which until now was 1 billion FCFA, but has now stood at 11 billion FCFA. This was sanctioned at the Council of Ministers held on June 29, 2022, According to the government, this recapitalization falls within the framework of the modification of the statutes of this company, in  “the aim of improving its functioning and that of its operational bodies”,  indicates the press release from the Council of Ministers.

The government does not give the reasons for this capital increase. But this decision is taken in a context where the International Monetary Fund (IMF) is asking Gabon to revisit the relationship between the GOC and the State, in particular, in the service that the GOC renders to the State. “There is some of the state oil that the GOC sells for the state and in return the state gives them commissions. Which is completely normal. We just want the state to be able to revisit this service and commission process to ensure that what is paid to the GOC is beneficial to both parties ,” explained Agou Gomez Gbedia, IMF Resident Representative in Gabon, to the during a meeting with the media on June 28.

The revised statutes of the GOC approved during the Council of Ministers of June 29 also provide for the limitation of the mandate of the administrators to duration of three years, the creation of the General Assembly, the creation of the Accounting Agency…

Founded in 2011, the oil company Gabon Oil Company is the heir to the National Hydrocarbons Company of Gabon (SNHG). It is a full-fledged oil company that explores, produces and markets petroleum products. The objective is to enable Gabon to become a major player in the oil sector which is currently dominated by foreign multinationals.

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