Nigeria’s Oranto Petroleum has submitted its interest in investing in the crude oil and petroleum products storage facility of Equatorial Guinea’s Bioko Oil Terminal (BOT) project.
Equatorial Guinea’s Ministry of Mines and Hydrocarbons believes that the BOT project will be a ‘revolutionary’ regional development and bring new efficiencies to western Africa’s petroleum industry.
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At a ceremony after the Equatorial Guinea-Saudi Arabia Economic Forum in Jeddah, Saudi Arabia, on 11 May, Arabian Energy signed an agreement with the Equatorial Guinea’s Ministry of Mines and Hydrocarbons to collaborate on the development, implementation, construction and financing of the $500m project.
Oranto Petroleum expects that the investment in the BOT project will bring the oil and gas company’s pan-African expertise to the midstream sector, thereby extending its reach into the value chain.
Equatorial Guinea Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said: “This is a truly revolutionary project and we expect to attract a lot more interest in the months to come.”
“Our country, with the help of partners like Oranto Petroleum and Arabia Energy, will become an international center for crude oil and petroleum products trading, transforming the oil and gas industry here in Equatorial Guinea and across Africa.”
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By GlobalDataOranto Petroleum founder and chairman Arthur Eze said: “We’ve expressed our serious intent to join the BOT project and build on an already strong partnership with the Government of Equatorial Guinea.
“This is an opportunity to be a founding partner, an investor and a client of a project that will bring jobs, growth and global attention to Africa’s west coast oil sector.”
Bioko Oil Terminal will feature 22 storage tanks and have a total capacity of 1.2 million cubic metres.
It will be constructed in two phases, with the first phase involving the construction of refined production facility and the second involving the storage, handling, and blending of middle distillates.
