SacOil to Join Bioko Oil Terminal Partners

South African oil and gas company SacOil will join the consortium of Taleveras Group, Gunvor Group and the Strategic Fuel Fund to develop the Bioko Oil Terminal tank farm in Equatorial Guinea.

Once complete, the Bioko Oil Terminal will be a large oil and petroleum products storage facility, which the Equatorial Guinea government hopes will become the premier storage location in West and Central Africa. SacOil will participate in the project under the same agreement signed Oct 30 by Taleveras Group, Gunvor Group and the Strategic Fuel Fund that established the terms of funding and initial development of the tank farm.

Equatorial Guinea Minister of Mines, Industry and Energy H.E., Gabriel Mbaga Obiang Lima, commented in an organization statement:

“The entry of a fourth partner company into the Bioko Oil Terminal project signals the international interest in this facility, which will serve the huge demand for petroleum storage in the Gulf of Guinea region. Projects such as the Bioko Oil Terminal further reinforce Equatorial Guinea’s status as a major African oil and gas actor and a highly attractive investment destination.”

Thabo Kgogo, chief executive officer of SacOil Holdings, said in a SacOil statement:

“SacOil welcomes this opportunity to work with a strategic partner such as the Ministry of Mines, Industries and Energy to add needed oil and petroleum products storage capacity in West and Central Africa. The project fits well with the company’s overall strategy of diversifying the business into midstream and downstream activities.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Survey Project Manager
Expertise: Landman|Project Management|Surveying
Location: Corpus Christi, TX
 
Social Media Specialist
Expertise: Graphics Design|Marketing|PR / Corporate Communications
Location: Houston, TX
 
Land Analyst - WY / UT Land Grant
Expertise: Landman|Lease Analyst|Legal
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours