Egypt’s Petrojet, Arab Contractors ink deals for Equatorial Guinea oil refinery projects

Petrojet signs its first ever deal in Equatorial Guinea

Equatorial Guinea signed on Wednesday preliminary deals with two Egyptian companies – Petrojet and Arab Contractors for new oil refinery projects in the central African nation.

The deals were signed at an energy conference EGYPS in Cairo and in the presence of Egyptian Petroleum Minister Tarek el-Molla.

The first deal was signed between Equatorial Guinea’s Minister of Mines and Hydrocarbons Gabriel Obiang Lima and Waleed Lotfy, chairman of Petroleum Projects & Technical Consultations Company – Petrojet. The deal – the first for Petrojet in the central African country – will see the implementation of new oil projects, and a new refinery scheme in particular.

For the second deal, it was signed between Minister Lima and Mohsen Salah, chairman of Arab Contractors to carry out some energy projects in Equatorial Guinea.

In late November 2019, Equatorial Guinea announced plans to build two new oil refineries among other energy projects worth $1 billion. Lima said the plans aimed to diversify a sector that provides more than 90 percent of its foreign revenue.