Retrait de BP du bloc Yakar-Teranga : « Cela ne freine pas les investissements », (Karim Ndiaye)
Yesterday, the President of the British Chamber of Commerce, Karim Ndiaye, commented on the announced withdrawal of British Petroleum (BP) from the Yakar-Teranga block. Speaking to journalists at the Residence of the British Ambassador in Dakar, he sought to downplay the impact of this decision on the country's attractiveness to British investors.
From the outset, he stated: "Whether we're in the gas sector or not, it's a current issue." He then clarified that "among the contractual specifics, we cannot go into detail because there are aspects that fall under the law of the parties, which are very specific."
Then, Karim Ndiaye said: “From an investor’s point of view, when you come to a country—and Senegal is not an isolated case—you see that with each political transition, there are often renegotiations in certain sectors, particularly on large contracts that commit the State for a very long period. It is common practice to revisit this type of contract to ensure that they are balanced.”
On the crucial question of whether the BP case could hinder future British investment in Senegal, his answer is unequivocal: “The answer is clearly no. Quite the contrary.” He acknowledges that investors “also encounter difficulties such as taxes, labor laws, payment delays… This is part of the economic cycle, as there are also exogenous factors that impact the progress of our countries.”
"Senegal's potential is evident, and investors remain very positive and supportive."
But for Karim Ndiaye, these difficulties should not overshadow the country's potential. "When you consider all of this in light of the country's potential and the capacity Senegal has demonstrated in navigating far more complex political, economic, and social crises, it doesn't scare off investors who aren't driven by immediate profit. When you invest in these sectors, the time horizon is 20, 40, 50 years. Changes, negotiations—all of this is factored in and doesn't hinder investment," he stated.
Before suggesting: "Senegal's potential is evident, investors are still very positive and favorable, and we will contribute in our own way to accelerating investments. This could be facilitated by the possible signing of the government's agreement with the International Monetary Fund (IMF), which could also be an accelerator later on."
In preparation for the official launch of the British Chamber of Commerce in Senegal, the UK Ambassador to Senegal, Carine Robarts, organised a meeting to share the context of the creation of the British Chamber of Commerce in Senegal, discuss the current dynamics of UK-Senegal economic cooperation and present the priorities and ambitions of the Chamber, whose official launch is scheduled for April 27.
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