News

Equatorial Guinea Minister of Mines and Hydrocarbons signs LNG & CNG

agreements with TAQA Arabia

 

During his visit to Egypt, H.E Gabriel Mbaga Obiang Lima signed two Heads of Terms agreements with TAQA Arabia for the development of LNG & CNG projects in Equatorial Guinea.

 

The first agreement covers the supply of LNG to mainland Equatorial Guinea and builds on the existing infrastructure in the country utilizing Equatorial Guinea’s Punta Europa Liquefaction Plant (EGLNG) and the state of the art LNG receiving facilities built in Akoga. Through its LNG subsidiary ‘Rosetta’, TAQA Arabia together with Ministry of Mines and Hydrocarbons will develop a “Virtual LNG Pipeline” creating a small-scale LNG export & import terminal in Equatorial Guinea. The agreement is the first step in transforming Equatorial Guinea to an LNG Hub for West and Central Africa; supplying LNG to countries in the region.

 

The second agreement focuses on the development of the compressed natural gas market in Equatorial Guinea. Through its subsidiary “Master Gas” TAQA Arabia will invest, construct, and install CNG stations and conversion centers across the country to utilize compressed natural gas as a fuel for vehicles and substitute imported fuel commodities with a cheaper, cleaner, and sustainable energy source. The target of this cooperation is to convert 50% of the fleet of cars in Equatorial Guinea to run on CNG. Earlier last month, TAQA Arabia converted the first 5 cars in Equatorial Guinea and trained local technicians to enable vehicles to be fueled by compressed natural gas for the first time.

 

“We are excited to be partnering with TAQA Arabia and to be taking the first step in achieving energy security in our region. This agreement will have a multiplier effect on Equatorial Guinea by enabling new industrial hubs that would enhance the economy and result in job creations in the local market.”- said H.E. Gabriel Lima Minister of Mines and Hydrocarbons (MMH) of Equatorial Guinea.

 

“The agreements signed with Equatorial Guinea are the first step in a bigger journey for TAQA Arabia’s expansion and operations in West Africa. We look forward to a fruitful cooperation with our new partners and to transferring our know-how and expertise to better serve the Equatorial Guinean market. Through our LNG & CNG developments we will transform the country into a major regional gas and LNG hub” said Khaled Abu Bakr, TAQA Arabia’s Executive Chairman.