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.”
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