Atlantic Methanol Production Company to support Equatorial Guinea's Year of Investment initiative
CAPE TOWN - The Atlantic Methanol Production Company (AMPCO), which operates in Equatorial Guinea, has announced its support to the expansion and diversification of the country’s downstream sector, African Energy Chamber said on Thursday.
AMPCO, which runs one of Africa’s largest methanol plants on Bioko Island in Equatorial Guinea, said it decided to support the ongoing Year of Investment initiative by its investment.
This was discussed during a meeting in Malabo this week between Paul Moschell, President of AMPCO, and Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
AMPCO is operated by Marathon Oil Corporation, along with Noble Energy, both owning 45 percent of the plant and state-owned SONAGAS at 10 percent.
The plant has been running successfully for about two decades and has the potential to significantly contribute to the growth of Equatorial Guinea’s downstream industry, the Chamber said.
Following the discussions, its support to the Year of Investment initiative, AMPCO has decided to work with the ministry of mines and hydrocarbons to create a methanol-to-gasoline and derivatives unit to further monetise domestic gas produced in Equatorial Guinea.
The company has also agreed to work on the development of a formaldehyde production unit.
“Our focus is on increasing overall value by strengthening our upstream business and further integrating it with the downstream and chemical segments.
"We believe in working with long-term partners and welcoming new partners who bring on board a value-added proposition to our industry and country,” Minister Obiang Lima said.
Like Marathon Oil, AMPCO will provide the necessary support needed for building a modular refinery on Bioko Island, in line with the ministry of mines and hydrocarbons’ plan.
AMPCO is part of a series of foreign investors planning to increase their investment in Equatorial Guinea this year, or enter the market to tap into several opportunities across the hydrocarbons and mining value chains under the Year of Investment initiative.