Equatorial Guinea and the Democratic Republic of the Congo (DRC) have agreed to jointly develop oil refinery and storage facilities.

The memorandum of understanding (MOU) between the Equatorial Guinea Ministry of Mines and Hydrocarbon and the DRC Ministry of Hydrocarbons has been signed during the Angola Oil and Gas 2022 Conference and Exhibition.

The MoU will see the launch of a working group to achieve the shared energy objectives of the two countries and implement specific projects, according to a report distributed by APO Group on behalf of Energy Capital & Power.

These projects include the financing and construction of an oil refinery in the DRC. It also includes the construction of storage facilities for refined products.

To be jointly owned by both countries, these projects are expected to meet regional demand for refined petroleum products.

In addition, the MoU will facilitate the transfer of knowledge and technical expertise to the DRC, from Equatorial Guinea, to develop oil and gas blocks in the Congo.

Equatorial Guinea Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said: “This MoU, coupled with previous agreements signed with Cameroon and Nigeria, support our national mandate to facilitate the production and trade of African petroleum products and create value-added industries.”

Equatorial Guinea national oil company GEPetrol will help Sonahydroc, the DRC’s state oil company, in the development of the country’s natural gas sector and the exportation of liquefied petroleum gas.

DRC Minister of Hydrocarbons Didier Budimbu Ntubuanga said: “The Congo is advancing its position as a leading African oil producer and we are looking forward to renewing and cementing our partnership with our neighbour Equatorial Guinea, one of the leading oil and gas producers in the region, to fully leverage our hydrocarbon resources, stimulate production, and bring energy security to the country.”