SacOil to participate in Equatorial Guinea’s tank farm

Tank Farm CambridgeBayWeather Wikimedia CommonsEquatorial Guinea hopes the tank farm will make it a premier storage location in West and Central Africa. (Image source: CambridgeBayWeather/Wikimedia Commons)South African oil and gas company SacOil will be involved in developing the Bioko Oil Terminal tank farm in Equatorial Guinea

SacOil will be a part of the consortium of Taleveras Group, Gunvor Group and the Strategic Fuel Fund that is developing the facility. The Bioko Oil Terminal, spearheaded by the Ministry of Mines, Industry and Energy of Equatorial Guinea, will be a massive oil and petroleum products storage facility. Through the project, the country hopes to establish itself as the preferred storage location in West and Central Africa, and a major transit point for global oil and gas deliveries.

“SacOil welcomes this opportunity to work with a strategic partner such as the Ministry of Mines, Industries and Energy to add needed oil and petroleum products storage capacity in West and Central Africa. The project fits well with the Company’s overall strategy of diversifying the business into midstream and downstream activities,” said Dr. Thabo Kgogo, CEO of SacOil Holdings.

The ministry had signed an MoU with Taleveras Group, Gunvor Group and the Strategic Fuel Fund that established the terms of funding and initial development of the tank farm. SacOil will participate in the project under the same agreement.

“The entry of a fourth partner company into the Bioko Oil Terminal project signals the international interest in this facility, which will serve the huge demand for petroleum storage in the Gulf of Guinea region,” said minister of mines, industry and energy, Gabriel Mbaga Obiang Lima.

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