Country Report Gabon January 2011

Economic performance: Sogara pulls back from the brink

Local downstream activity has also picked up recently. The country's oil refiner, Société gabonaise de raffinage (Sogara), has recently reported a turnaround in its fortunes in 2010, when production topped 900,000 tonnes. This performance represents a rise of over 50% on production in 2009, which totalled just 585,000 barrels. Although the improvement was partly due to much better economic conditions in 2010, the road to recovery has not been easy for the firm, whose biggest shareholders are Total, which owns 44%, and the Gabonese state, which holds 25%. In October the company announced drastic austerity measures that it was undertaking to remain solvent, which included laying off 131 of its 442 workers (October 2010, Economic performance).

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