Equatorial Guinea Deepens Ties With Chinese Energy Firms

Equatorial Guinea has approached China Petrochemical Corp., known as Sinopec Group, about building a 20,000-barrel-a day refining and petrochemical complex in the country, which later could be expanded to 60,000 barrels a day, Gabriel M. Obiang Lima, the country’s minister of mines, industry and energy, told Dow Jones Newswires.

“We are planning to build a refinery, but will only use a small amount (of crude) coming from our own production,” he said. “We are having discussions with Sinopec regarding that…we were expecting to sign something today, but the time has gone too fast.”
Although Equatorial Guinea has approached other engineering companies based in the U.S., Spain, Italy and Germany about developing the refinery, state-owned Sinopec would be the only company that would take an ownership stake in the project if chosen, Mr. Obiang said, adding that a final decision could be made by year-end.

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