As part of the 2020 Year of Investment drive, Equatorial Guinea’s Ministry of Mines and Hydrocarbons signed several key cooperation agreements with its North and Central African neighbors this month, propelling the development of upcoming investment projects and driving heightened regional integration in the process.
During a bilateral trip to Egypt, Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima signed a Memorandum of Understanding with Chairman and Managing Director of the Egyptian Petroleum Projects and Technical Consultations Company (Petrojet), Waleed Lotfy.
The agreement provides for the Cairo-based Engineering, Procurement and Construction services company to lend support to various downstream projects in Equatorial Guinea. An agreement was also signed between Petrojet and Arab Contractors Company for joint cooperation on building Equatorial Guinea’s downstream refining capacity. The agreements represent Petrojet’s recent efforts to expand its footprint not only across North Africa, but also in sub-Saharan markets.
H.E. Minister Obiang Lima met with his Moroccan counterpart, Minister of Energy, Mines and Sustainable Development H.E. Aziz Rabbah, to address bilateral cooperation on the exploitation of gold, as well as the construction of a fertilizer plant with Morocco’s Office Cherifien de Phosphates and a small-scale liquefied natural gas facility.In 2019, Equatorial Guinea launched its first mining licensing round, with 15 blocks assigned for the exploration of gold, silver, bauxite, coltan and other precious minerals. Serving as one of the key investment projects in Equatorial Guinea’s 2020 investment drive, a planned gold refinery in Kogo aims to refine the gold being exploited in Equatorial Guinea and the region, diversifying the national economy and spurring job creation in the process.
Republic of Congo
H.E. Minister Obiang Lima participated in the 4th annual Congo International Oil & Gas Conference & Exhibition in Brazzaville (February 19-21), under the theme of local value chain creation and hydrocarbon resources as a catalyst for socioeconomic development, diversification and integration in the region. During the visit, the minsiter signed an MoU with Congolese Minister of Hydrocarbons, H.E. Jean-Marc Thystére, for cooperation on the exchange of knowledge and best practices within the hydrocarbons sector.
Equatorial Guinea’s Year of Investment initiative also received an official endorsement by President of Banque de Development des Etats de L’Afrique Centrale, Fortunato Ofa Mbo Nchama. Cooperation between the two Central African countries represents growing collaboration among states of the Economic and Monetary Community of Central Africa, a development that remains critical to gaining traction for Equatorial Guinea’s investment drive.