As African markets take the hit of the economic
crisis caused by the COVID-19 pandemic, the Ministry of Mines and Hydrocarbons
of Equatorial Guinea is pushing for the mobilisation of African capital to
finance the recovery of the continent’s economies. In order advance the Year of
Investment 2020 projects and have them backed by credible African investors,
H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of
Equatorial Guinea, held a working meeting yesterday with senior representatives
of the Development Bank of the Central African States (BDEAC).
The BDEAC delegation was headed by the Bank’s
President, Fortunato Ofa Mbo Nchama, and the institution’s representative in
Malabo, Mrs. Nadège Bongouande. The meeting took place within the Ministerial
department where the preventive measures established by the WHO and the
Government of Equatorial Guinea in the face of the Covid-19 pandemic are being
followed.
Accompanied by Oscar Garcia Berniko, General
Director of State Companies, H.E. Gabriel Mbaga Obiang Lima briefed Fortunato
Ofa Mbo Nchama on the status of Equatorial Guinea’s Year of Investment. He notably
presented the key projects offered under the initiative, including a modular
refinery for domestic supply, an additional modular refinery which could be
destined for exports, storage tanks for refined products, methanol derivatives
manufacturing, an industrial mining area with a gold refinery, and a urea plant
project. the presentation was aimed at ensuring that regional and pan-African
financial institutions such as the BDEAC become key actors of Africa’s recovery
in the years to come.
“Our government will continue deploying support
with the right kind of policies across the oil and gas value chain and I
believe the industry experience of oil and gas companies and financial
institutions will be critical to meeting that challenge and not only weathering
the current crisis but leading the way forward,” stated H.E. Gabriel Mbaga
Obiang Lima, Minister of Mines and Hydrocarbons. “Working with the Development
Bank of the Central African States is right for our country. Beyond raising
capital for projects, it is key to helping us become more economically
sustainable by advising us on how to adapt and embed resiliency into our
strategy. I see big benefits from working with the BDEAC for our country and
most importantly our citizens,” added Minister Obiang Lima.
The Year of Investment 2020 projects aim at
attracting investments across Equatorial Guinea’s midstream and downstream
industries to promote the greatest added value to the oil industry of the
country through job creation. In light of the ongoing economic crisis in the
region, the Year of Investment has also become a way for Equatorial Guinea to
ensure a quick and sustainable recovery of its economy by promoting investments
in key infrastructure projects that can create local value and generate revenue
for the country.
President Mbo Nchama expressed his satisfaction
regarding the level of collaboration between the BDEAC and Equatorial Guinea up
until now, and pledged to assess the MMH’s proposed projects.
The Year of Investment 2020 is progressing
despite the ongoing pandemic of COVID-19. During a special webinar co-organised
by the African Energy Chamber and Africa Oil & Power this week, H.E.
Gabriel Mbaga Obiang Lima announced special measures to keep the local oil
sector attractive, and revealed that key projects would break ground in the
fourth quarter of this year.
