Equatorial Guinea, DRC to Develop Joint Oil Refinery and Storage Facilities
12.01.2022 By TankTerminals.com - NEWS

December 1, 2022 [Green Car Congress] – Equatorial Guinea’s Ministry of Mines and Hydrocarbons and the Democratic Republic of the Congo’s (DRC’s) Ministry of Hydrocarbons signed a Memorandum of Understanding (MoU) at the Angola Oil & Gas (AOG) 2022 Conference & Exhibition to develop existing synergies across their respective upstream, downstream, energy infrastructure and logistics sectors.

 

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 owned jointly by both countries to meet regional demand for refined petroleum products, along with the construction of storage facilities for refined products.


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. This MoU, coupled with previous agreements signed with Cameroon and Nigeria, support our national mandate to facilitate the production and trade of African petroleum products and create value-added industries.

—Equatorial Guinea’s Minister Gabriel Mbaga Obiang Lima


The Congo is advancing its position as a leading African oil producer and we are looking forward to renewing and cementing our partnership with our neighbor Equatorial Guinea, one of the leading oil and gas producers in the region, to fully leverage our hydrocarbon resources, stimulate production and bring energy security to the country.

—DRC Minister Didier Budimbu Ntubuanga

The MoU aims to facilitate the transfer of knowledge and technical expertise from Equatorial Guinea to the DRC, with a view to developing the Congo’s oil and gas blocks, carrying out upcoming block allocation processes, engaging the local oil and gas sector and increasing total production.

Last August, the DRC launched a 30-block licensing round, comprising three blocks in the coastal basin of the Kongo Central province, 11 near Lake Tanganyika, nine in the Cuvette Centrale, four blocks near Lake Albert, and three gas blocks on Lake Kivu.

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, specifically the promotion of liquefied natural gas and the storage, distribution and export of liquefied petroleum gas.

Book a demo to see how to offer, bid and book tank capacity globally. Quick and easy.

U.S. Refiners Expect Russian Fuel Sanctions to Keep Margins High
02.02.2023 - NEWS
February 2, 2022 [Reuters] – The European Union’s ban on Russian fuel imports that be... Read More
Exxon Preparing to Open Its Massive $2B Refinery Expansion in Beaumont
01.30.2023 - NEWS
January 30, 2022 [msn] – Exxon Mobil said Monday it finished building its $2 billion refine... Read More
Valero Has Best Year Ever in 2022 as 4Q Profits Triple, Topping Wall Street Expectations
01.30.2023 - NEWS
January 30, 2022 [San Antonio Express News] – Valero Energy Corp. cruised past Wall Street ... Read More
Mobil Continues to Invest in Australia's Fuel Security
01.30.2023 - NEWS
January 30, 2022 [ExxonMobil] – Melbourne, Australia – Mobil Oil Australia Pty Ltd (Mobil... Read More