Equatorial Guinea and the Democratic Republic of the Congo (DRC) have joined forces to create synergies between their upstream, downstream, energy infrastructure, and logistics industries.
A Memorandum of Understanding (MoU) was signed by the respective ministries of the two nations at the Angola Oil and Gas (AOG) 2022 Conference and Exhibition.
The agreement calls for the formation of a working group to meet common energy goals and the execution of specific projects.
These include the financing and construction of an oil refinery in the DRC, to be jointly owned by both countries, to meet regional demand for refined petroleum products, along with the construction of storage facilities for refined products.
Mbaga Obiang Lima, Equatorial Guinea’s Minister of Mines and Hydrocarbons, said the MoU, coupled with previous agreements signed with Cameroon and Nigeria, supports the national mandate to facilitate the production and trade of African petroleum products and create value-added industries.
“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,” Lima noted.
The growth of the Congo’s natural gas industry will be aided by the state oil company of the DRC, SONAHYDROC, and Equatorial Guinea’s national oil company, GEPetrol.
The Kongo Central province’s coastal basin was one of the 30 blocks included in the DRC’s 30-block licensing cycle, which began in August last year.
DRC Minister of Hydrocarbons, Budimbu Ntubuanga, stated that “The Congo is strengthening its position as a top African oil producer.”
