The Ministry of Mines, Industry and Energy, representing the Government of Equatorial Guinea, announced today that it has signed a Memorandum of Understanding with three companies to build a crude oil and petroleum products storage tank farm on Bioko Island, Equatorial Guinea.
In an expansion of the previous project plan, the Bioko Oil Terminal will incorporate a significant amount of crude oil storage space, as well as storage for associated petroleum products. It will serve the Gulf of Guinea region and facilitate processing and export to consumers regionally and globally. The MoU establishes the terms of cooperation among the Ministry and the three companies.
The Ministry of Mines, Industry and Energy of Equatorial Guinea, Taleveras Group, Gunvor Group and the Strategic Fuel Fund will jointly participate in the Bioko Oil Terminal development. The tank farm will be operated by the Strategic Fuel Fund, which operates Saldanha Bay in South Africa, one of the world’s largest petroleum storage facilities.
Upon announcing the new MoU, Minister of Mines, Industry and Energy H.E. Gabriel Mbaga Obiang Lima stated: “The Bioko Oil Terminal will serve the enormous demand for storage in the currently underserved Gulf of Guinea region. This is a definitive step forward for our nation’s petroleum industry and economic diversification agenda. We are proud to announce that the national bank of Equatorial Guinea, BANGE, will be involved in the financing of the project.”