Petroleum Africa
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Thursday, May 11, 2017
Equatorial Guinea is seeking new partners to grow and diversify the country’s economy, especially in the crucial sectors of downstream oil and gas, fisheries and agriculture. Toward that end the government has turned its sites east, not to Asia but to the Middle East. The Malabo government is in Jeddah, Saudi Arabia for the first Equatorial Guinea-Saudi Arabia Economic Forum.
President Teodoro Obiang Nguema Mbasogo has an audience with His Majesty King Salman bin Abdulaziz Al Saud and other officials to discuss joint areas of cooperation, especially in the sectors of hydrocarbons, agriculture, fisheries, and mining.
Oil and gas is one of the main contributors to Equatorial Guinea’s economy and continue to be an important springboard for attracting new partners. The Economic Forum in Saudi Arabia is the first chance to cement crucial new relationships in the Arabian Gulf.
“The Republic of Equatorial Guinea intends to drastically improve economic relations with the Arabian Gulf countries. And for them we have started with the Kingdom of Saudi Arabia. Next week will be the first official visit of President Trump outside America,” said Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
Equatorial Guinea offers investors a safe and attractive place for investment, with a well-established hydrocarbons industry that has hosted key international oil companies for decades; and it boasts some of the best infrastructure capacity in West Africa, from highways, ports and airports to electricity access and strong communications systems.
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