Equatorial Guinea has kicked off a year-long investment campaign aimed at driving capital investment into the country’s bankable projects. Major US firms have pledged to increase their investment in Equatorial Guinea in 2020, along with Nigerian banking and financial institutions. Notable investment-ready projects include the construction of two modular oil refineries, an ammonia plant, a urea plant and a gold refinery.
Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) has officially launched its Year of Investment campaign, with a series of foreign investors already making their commitment to increasing planned investment in the country in 2020.
In a bid to position Equatorial Guinea as a regional and international investment hub, the country aims to engage with financial entities and engines of growth in neighbouring economies. High-level Nigerian investors, bankers and financiers, including Africa Financing Corporation, Sterling Bank, First Bank, UBA and Zenith Bank, are currently in talks with the MMH about project financing opportunities.?The Nigerian Content Development and Monitoring Board, in partnership with Waltersmith Petroleum Oil Limited, has pledged to assist Equatorial Guinea in the development of its modular refineries, with the Nigerian modular refinery serving as a model for operation and local content engagement.
As part of its initiative, the MMH is targeting US$1 billion in foreign direct investment to be channeled into several key investment opportunities in both Equatorial Guinea’s and Africa’s energy sectors. These include, but are not limited to, modular oil refineries, an ammonia plant, a gas import terminal, liquefied petroleum gas storage tanks and other projects spanning the entire energy value chain.
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