JOHANNESBURG - Equatorial Guinea has several capital-intensive projects open for investment in 2020, including the construction of three oil refineries, liquefied petroleum gas strategic tanks, a Urea plant and the expansion of a compressed natural gas project, its mines and hydrocarbons minister Gabriel Obiang said this week.
Obiang announced the 10 public-private, partnership-led projects, which will focus on downstream diversification and adding value to domestic crude production, at the sidelines of an international forum for gas exporting countries in the capital Malabo.
"2019 was a year in which we showed the world the potential of Equatorial Guinea. That was phase one. Phase two is the investment year. For many years, we have been exploiting our resources and exporting them, but now is the time that we get to the stage of processing,” he said.
"Midstream is going to be very important because we already have the resources. Our crude is going to China and our liquefied natural gas is going to Asia. What can we do with our resources to add value in the midstream and downstream?”
The first project under the initiative will be the construction of a 20,000-barrel per day (bpd) modular oil refinery which will refine crude from the Zafiro and Aseng fields into gasoline, kerosene and Jet 1, among other petroleum derivatives.