Saudis to back Africa oil terminal project

Saudi Arabia and Equatorial Guinea will team up for a tank farm construction project on Bioko Island, the two countries said on Thursday.

Gathered in Jeddah for the inaugural edition of the Equatorial Guinea-Saudi Arabia Economic Forum, the two sides witnessed the signing of an agreement between the Ministry of Mines and Hydrocarbons and Arabia Energy DMCC for the financing and construction of the Bioko Oil Terminal.

Heading the delegation from Equatorial Guinea, President Teodoro Obiang Nguema Mbasogo said his country offered a “gateway” to the Central African Economic and Monetary Community, vowing to facilitate investment and ease visa processes for Saudis.

Commenting on the agreement on the Bioko Oil Terminal, projected to become the African continent third-largest such facility, Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said it marked a “historic day.”

“We reinforced our shared vision for the oil and gas industry and cemented important new long-term ties,” he added.