An agreement has been signed by three companies and Equatorial Guinea to construct a crude oil and petroleum products storage terminal.
The Ministry of Mines, Industry and Energy said that the terminal on Bioko Island will encompass a significant amount of crude oil storage space as well as storage for associated petroleum products.
The will serve the Gulf of Guinea region and will facilitate the processing and export to consumers both in the region and globally.
The Memorandum of Understanding establishes the terms of cooperation among the Ministry and the three companies.
The Ministry,Taleveras Group, Gunvor Group and the Strategic Fuel Fund will jointly participate in the Bioko Oil Terminal development.
Minister Gabriel Mbaga Obiang Lima says: ‘The Bioko Oil Terminal will serve the enormous demand for storage in the currently underserved Gulf of Guinea region.
‘This is a definitive step forward for our nation’s petroleum industry and economic diversification agenda.’