Africa > Central Africa > Equatorial guinea > Equatorial Guinea Expands Scope of Major Crude Oil and Petroleum Tank Farm Project

Equatorial guinea: Equatorial Guinea Expands Scope of Major Crude Oil and Petroleum Tank Farm Project

2015/10/31

The Ministry of Mines, Industry and Energy, representing the Government of Equatorial Guinea, announced today that it has signed a Memorandum of Considerate with three companies to build a crude oil and petroleum products storage tank farm on Bioko Island, Equatorial Guinea.

In an expansion of the previous project plan, the Bioko Oil Terminal will incorporate a significant all of crude oil storage space, inclunding storage for associated petroleum products. It will serve the Gulf of Guinea region and facilitate processing and export to consumers regionally and globally. The MoU establishes the terms of cooperation part the Ministry and the three companies.

The Ministry of Mines, Industry and Energy of Equatorial Guinea, Taleveras Group, Gunvor Group and the Strategic Fuel Fund will jointly participate in the Bioko Oil Terminal development. The tank farm will be operated by the Strategic Fuel Fund, which operates Saldanha Bay in South Africa, one of the world’s major petroleum storage facilities.

Upon announcing the new MoU, Minister of Mines, Industry and Energy H.E. Gabriel Mbaga Obiang Lima stated: “The Bioko Oil Terminal will serve the enormous request for storage in the currently underserved Gulf of Guinea region. This is a definitive step forward for our country’s petroleum industry and economic diversification schedule. We are proud to announce that the national bank of Equatorial Guinea, BANGE, will be involved in the financing of the project.”

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