Wednesday, August 31, 2011

Equatorial Guinea to Build New Oil Storage Terminal

Facility Will Improve National Oil Distribution

Equatorial Guinea recently partnered with Dutch storage-facilities giant Royal Vopak to develop a crude oil storage terminal that will optimize distribution on the island of Bioko, home of the nation’s capital.

Royal Vopak is the world’s leading independent provider of conditioned storage facilities for bulk liquids, operating in 31 countries worldwide and providing storage and transshipment services at 80 terminals worldwide.

The continuous investment in the oil sector plays a significant role in the government’s efforts to drive the country closer to become an emergent and sustainable economy by 2020.

“This partnership will increase the importance of Equatorial Guinea as a strategic economic and energy distribution hub in Central Africa and the Gulf of Guinea,” said Delegate Minister for the Ministry of Mines, Industry and Energy, Gabriel Mbega Obiang Lima. He continued to say “the investment and continuous development of the oil sector is a top priority of the Government.”

The partnership will allow the Ministry of Mines, Industry and Energy to distribute crude oil from Equatorial Guinea to other countries and vice versa. This project will improve the storage, processing and distribution of oil in the country, starting with the island of Bioko.

Earlier this month, Equatorial Guinea partnered with Energy Allied International to develop the petrochemical sector in the country.