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DRC and Equatorial Guinea to develop an oil refinery

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DRC and Equatorial Guinea to develop an oil refinery

The Democratic Republic of Congo (DRC) and Equatorial Guinea have joined forces to develop synergies in their respective upstream, downstream, energy infrastructure and logistics sectors.

The respective ministries of the two countries signed a memorandum of understanding at the Angola Oil & Gas (AOG) 2022 conference and exhibition.

The agreement provides for the creation of a working group to achieve shared energy objectives and the implementation of specific projects.

These include the financing and construction of an oil refinery in the DRC, jointly owned by the two countries - to meet regional demand for refined petroleum products, as well as the construction of storage facilities for refined products.

Mbaga Obiang Lima, Equatorial Guinea's Minister of Mines and Hydrocarbons, said the MoU, together 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 principles of Equatorial Guinea's energy development strategy, as we aim to increase the availability of affordable and accessible energy in our country and throughout the region," Lima noted.

Equatorial Guinea's national oil company, GEPetrol, will support the DRC's state-owned oil company, SONAHYDROC, in developing the Congolese natural gas sector.

Last August, the DRC launched a 30-block licensing round, including three blocks in the coastal basin of Central Kongo province.

"Congo is strengthening its position as Africa's leading oil producer," said Congolese Hydrocarbons Minister Budimbu Ntubuanga.

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