Equatorial Guinea has kicked off a year of long investment 2020 campaign aimed at driving capital investment into the country's bankable projects.
In 2020, major United State firms have pledged to increase their investment in Equatorial Guinea along with Nigerian banking and financial institutions. The notable projects which are ready for investments include the construction of two modular oil refineries, a urea plant, an ammonia plant and a gold refinery.
The first investment event to be hosted in the country will be the Africa Oil & Investment Forum & Exhibition hosted in Malabo from April 1st to 2nd.
The country's Ministry of Mines and Hydrocarbons (MMH) officially launched its Year of Investment campaign, with commitments from a series of foreign investors to increasing planned investment in the country in 2020.
Equatorial Guinea's objective is to engage with financial entities and engines of growth in neighbouring economies, in a bid to position itself as a regional and international investment hub.
High-level Nigerian investors, bankers and financiers who are currently in talks with the MMH about project financing opportunities including Africa Financing Corporation, First Bank, UBA, Sterling Bank and Zenith Bank.
The Atlantic Methanol Production announced the construction of a methanol-to-gasoline and derivatives unit with an aim of doubling down on planned investment in the expansion and diversification of the country's downstream sector. The Atlantic Methanol Production is owned by U.S. upstream giants Marathon Oil, state-owned Sonagas and Noble Energy.
Through its initiative, the MMH is targeting one billion dollars in foreign direct investment (FDI) to be directed into several key investment opportunities in energy sectors in both Equatorial Guinea and Africa. These include, but are not limited to, modular oil refineries, an ammonia plant, a gas import terminal, liquefied petroleum gas storage tanks and other projects spanning the entire energy value chain.
Equatorial Guinea 2020 Year of Investment aims at attracting foreign direct investment into key industries in the country which will diversify the country's energy sector, generate profit for investors, boost entrepreneurship and create jobs.