LONDON-LISTED Savannah Energy agreed to sell part of its stake in a company that controls the Cameroonian section of the Chad-Cameroon oil export pipeline. In a statement issued on the London Stock Exchange this morning, Savannah said it has signed a deal to sell a 10% stake in Cameroon Oil Transportation Company (Cotco) to SNH, the state oil company of Cameroon, for $44.9 million. This deal indicates the company's relationship with the government in Yaounde is far healthier than with the authorities in Chad. Last month, Chad's government decided to nationalise oilfields and a stake in the Chadian section of the oil pipeline that Savannah claimed to have bought from ExxonMobil in what has become a bitter dispute.
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