Monday, August 29, 2011

Equatorial Guinea Makes Progress In The Oil Sector

Equatorial Guinea recently partnered with Energy Allied International, from Houston, Texas, to develop the petrochemical sector in the country. The development of the country’s local sector will play a significant role in meeting the petrochemical and industrial needs of Equatorial Guinea and the entire West African region. The new partnership will also bring more jobs and will drive the country closer to become an emergent and sustainable economy by 2020.

“The fast-tracked development of Equatorial Guinea’s petrochemical sector is a top priority of the Government and is of great national importance for the efficient utilization and value added to the State’s natural resources and most importantly for the creation of large scale jobs opportunities,” said Delegate Minister for the Ministry of Mines, Industry and Energy, Gabriel Mbega Obiang Lima.

The Ministry of Mines, Industry and Energy will work with Energy Allied to assemble the financial, technological, operational and managerial resources needed to design, engineer and implement sustainable projects for the petrochemical sector. Energy Allied will identify and recommend the selection of strategic investors and partners for the petrochemical sector projects.

Mike Nassar, Chairman and CEO of Energy Allied International praised the Ministry’s strong leadership and the country’s potential to become a leader in the petrochemical sector. He stated that “Energy Allied is honored to partner with the Ministry of Mines, Industry and Energy to develop the country’s petrochemical sector for the long-term benefit of the citizens of Equatorial Guinea.”

Earlier this month, President Obiang unveiled plans for nationwide electrification at a National Electrification conference. He predicted that with wise use of the country’s natural resources, Equatorial Guinea would enjoy full electrification and energy self-sufficiency.