Egyptian oil companies to carry out new projects in Equatorial Guinea

CAIRO - 8 June 2022: Minister of Petroleum and Mineral Resources Tarek el-Molla discussed during a meeting Wednesday with Minister of Minerals and Hydrocarbons of Equatorial Guinea Gabriel Obiang Lima ways to support cooperation between the two countries within the framework of Egypt’s desire to increase and strengthen cooperation with African countries.

 

During the meeting, the Egyptian minister pointed out the importance of supporting and strengthening Egyptian cooperation with African countries, stating that the petroleum sector is ready to transfer the expertise gained by Egyptian companies in various fields of oil and gas, especially in technologies for converting cars to be fueled with compressed natural gas (CNG), train technicians in this field, in addition to providing all aspects of support for the development of gas infrastructure projects in Equatorial Guinea.

 

The meeting tackled procedures for activating the memorandum of understanding (MoU) that was signed with Petrojet to implement new petroleum projects in Equatorial Guinea, foremost of which a project to establish a new refinery.

 

Molla said an economic feasibility study for the project is currently being prepared and all data and information required to be included in the final agreement between the two sides.

 

For his part, the Equatorial Guinean minister expressed his country’s strong keenness on benefiting from Egyptian expertise, especially in the field of transporting liquefied natural gas (LNG) from its production sites in the capital of Equatorial Guinea through specialized marine tankers, together with studying the possibility of converting a cement factory in Guinea to work on natural gas, which requires the recruitment of experts and technicians from Egypt to operate and manage the factory during the coming period.

 

Lima said, during his visit to Egypt, he expects to complete all agreements and memoranda of understanding (MoUs) with Petrojet to reach a final agreement to implement the refinery.

 

Moreover, Lima affirmed his country’s desire to seek the assistance of Egyptian petroleum services companies due to its great experience in managing and operating projects.

 

The two ministers discussed the situation of the global oil and gas markets, the current changes they are witnessing, and challenges facing the producing countries. They also discussed preparations for COP27, to be hosted by Egypt next November, concerning climate change, energy transition efforts, and environmental preservation.

 

The meeting highlighted continued efforts to prepare for the Egyptian initiative to develop the energy transition in Africa, in cooperation with African ministries and institutions.

 

Lima stated that African countries need to attract investments in the field of oil and gas during the transitional period, pointing out the importance of benefiting from Africa’s rich resources before moving forward with the energy transition that developed countries are pushing for.