Equatorial Guinea Signs GSA Agreement

The Government of Equatorial Guinea is pleased to announce that its plans to establish the Integrated Petrochemical Complex at Riaba, Bioko Island, Equatorial Guinea have moved a step closer to realization with the signing of the Gas Sales Agreement (“GSA”) between itself, represented by Ministry of Mines, Industry and Energy, and producers situated in Blocks O & I who comprise Noble Energy EG Ltd, Atlas Petroleum International Limited, Glencore Exploration (EG) Limited, Glencore Exploration Limited, Osborne Resources Limited, and Compania Nacional de Petroleos De Guinea Ecuatorial (GEPetrol).

The GSA signed on 23 May 2014 provides for a dedicated supply of gas to be used as feedstock to the petrochemical manufacturing plants situated in the complex and to power an onsite power plant. Through this arrangement, manufacturers and investors operating in the petrochemical complex will be assured of the availability of competitively priced natural gas delivered in a safe, reliable and environmentally sustainable manner thereby enhancing the benefits of the petrochemical complex project to the people of Equatorial Guinea.

The Minister of Mines, Industry and Energy, H.E Gabriel Mbaga Obiang Lima [while expressing his gratitude and continued support to the Blocks O & I producers] stated “We feel really honored to be engaged in this venture with the Block O and I partners. This is a concrete example of our collaborative approach in our desire to continue creating opportunities for investors and the citizens of Equatorial Guinea. The petrochemical complex that will be developed with investment from reputable investors and the government will reshape the petrochemical market dynamics in the region and move Equatorial Guinea closer to meeting the goals of ‘Horizonte 2020’.”

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