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GUINEA: Country to Expand Energy Sector

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The Ministry of Energy, Equatorial Guinea has presented a whole round of oil and gas projects to investors in Malabo, Guinea. This is in the efforts of the country to develop its oil industry.

Mr. Gabriel Obiang Lima, the Minister of Mines and Hydrocarbon in Equatorial Guinea has also requested investment to build 3 oil refineries, tanks to store and to refine gas and processing plant for urea in the country.

The combined capacity of 2 out of these 3 refineries is expected to be 30,000 to 40,000 barrel per day and it will refine oil from Aseng and Zafiro fields into petrol, kerosene and other petroleum products. A third of the refinery in Kogo is expected to refine gold mined from the Central African Region and certainly Equatorial Guinea.

Meanwhile, the Executive Chairman of the African Survey Chamber, Mr. NJ Ayuk said the new refineries would assist Sub-Saharan African’s third-largest oil producer to refine and also process crude oil.

The final project requests investors to develop compressed natural gas (CNG) plant for the country, and also to make plans for cooking gas bottling facility, gas-powered bus fleet and improved road infrastructure.

The projects are propelling efforts to expand the economy of the country and prevents it from crude oil exports which give the country 90% of its foreign revenue generation which is expected to decline.

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