H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, officially kicked off the country’s Year of Investment initiative during the Atlantic Council’s Global Energy Forum in Abu Dhabi.
The delegation of the Ministry of Mines and Hydrocarbons (MMH) held several bilateral meetings and discussions with heads of national oil companies such as PetroVietnam, ministerial counterparts of the Ministry of Energy of the UAE H.E. Suhail Al Mazrouei and the Ministry of Petroleum, Energy and Mines of Mauritania, and private stakeholders.
The talks focused on investment discussions around key projects Equatorial Guinea is executing under the Year of Investment, including mining and energy infrastructure such as refineries, gas-to-power and storage tanks.
The Minister also addressed US investors concerns over the business environment in the country, and took a stand on climate change, joining concerns over the need to address current climate change realities while continuing to develop Africa’s resources for the benefits of its people.
“We had a very conclusive visit to Abu Dhabi, the Year of Investment is starting very strong with several agreements signed on exploration, refining infrastructure and local content development,” declared H.E. Gabriel Mbaga Obiang Lima. “People look up to Equatorial Guinea as a strong emerging hub in the West and Central Africa, and this year will see the execution of several landmark projects positioning us as a true African energy leader and creating jobs for our citizens.”
Several agreements were signed, including an MoU on the EG Refinery, which will have a capacity of 20,000 to 30,000 bopd and will see Equatorial Guinea become a refiner and producer of petroleum products.
In order to boost domestic capacity building, the MMH also signed an MoU with Duscaff Scaffolding, Apex Industries S.A and the Institute of Technology of Equatorial Guinea to establish an Engineering Academy and training company to promote vocational training and quality education for Equatoguinean citizens.