Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) has officially launched its Year of Investment campaign, with a series of foreign investors already making their commitment to increasing planned investment in the country in 2020.
In a bid to position Equatorial Guinea as a regional and international investment hub, the country aims to engage with financial entities and engines of growth in neighbouring economies.
High-level Nigerian investors, bankers and financiers, including Africa Financing Corporation, Sterling Bank, First Bank, UBA and Zenith Bank, are currently in talks with the MMH about project financing opportunities.
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The Nigerian Content Development and Monitoring Board, in partnership with Waltersmith Petroleum Oil Limited, has pledged to assist Equatorial Guinea in the development of its modular refineries, with the Nigerian modular refinery serving as a model for operation and local content engagement.
Owned by US upstream giants Marathon Oil, Noble Energy and state-owned Sonagas, the Atlantic Methanol Production Company, meanwhile, announced its aim to double down on planned investment in the expansion and diversification of the country’s downstream sector through the construction of a methanol-to-gasoline and derivatives unit.
As part of its initiative, the MMH is targeting one billion dollars in foreign direct investment to be channelled into several key investment opportunities in both Equatorial Guinea’s and Africa’s energy sectors.
These include, but are not limited to, modular oil refineries, an ammonia plant, a gas import terminal, liquefied petroleum gas storage tanks and other projects spanning the entire energy value chain.
Equatorial Guinea 2020 Year of Investment serves to attract foreign direct investment into key industries in Equatorial Guinea that will diversify the country’s energy sector, boost entrepreneurship, generate profit for investors and create jobs.