DRC, Equatorial Guinea to develop joint oil refinery


Source: Chevron

from PEDRO AGOSTO in Luanda, Angola
Angola Bureau
LUANDA, (CAJ News) – THE Democratic Republic of Congo (DRC) and Equatorial Guinea have partnered to develop synergies across their respective upstream, downstream, energy infrastructure and logistics sectors.

The respective ministries of the two countries signed a Memorandum of Understanding (MoU) at the Angola Oil & Gas (AOG) 2022 Conference and Exhibition.

The agreement provides for the establishment of a working group to achieve shared energy objectives and the implementation of specific projects.

These include the financing and construction of an oil refinery in the DRC, to be jointly owned by both countries – to meet regional demand for refined petroleum products, along with the construction of storage facilities for refined products.

Mbaga Obiang Lima, Equatorial Guinea Minister of Mines and Hydrocarbons, said the MoU, coupled with previous agreements signed with Cameroon and Nigeria, support the national mandate to facilitate the production and trade of African petroleum products and create value-added industries.

“Cross-border cooperation is one of the key tenets of Equatorial Guinea’s energy development strategy, as we aim to increase the availability of affordable and accessible energy in our country and across the region,” Lima noted.

The national oil company of Equatorial Guinea, GEPetrol, will assist the DRC’s state oil firm, SONAHYDROC, in the development of the Congo’s natural gas sector.

Last August, the DRC launched a 30-block licensing round, comprising three blocks in the coastal basin of the Kongo Central province.

“The Congo is advancing its position as a leading African oil producer,” said DRC Minister of Hydrocarbons, Budimbu Ntubuanga.

– CAJ News



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