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Equatorial Guinea - Bioko Oil Terminal Project

Overview

Location: Bioko Island, located 32 km off-shore the West coast of Central Africa is an island of Equatorial Guinea.

Partners: Ministry of Mines, Industries and Energy of Equatorial Guinea, Taleveras Exploration and Production DMCC, Gunvor Group and the Strategic Fuel Fund Association

The Bioko Oil Terminal will be a large oil and petroleum products storage facility, and its development is spearheaded by the Ministry of Mines, Industry and Energy of Equatorial Guinea.  Through the project, the Government aims to establish Equatorial Guinea as the premier storage location in West and Central Africa, and a major transit point for global oil and gas deliveries.

This MOU is intended to provide the general principles and key terms for cooperation between the Parties that are necessary to support the advancement of the Project.  During the evaluation the most viable configuration for the Project and any required fiscal and regulatory terms required to ensure commercial, technical, economic and financial viability of the Project will be determined. 

The MOU contemplates that Parties shall execute a Joint Development Agreement (“JDA”) governing the execution of the next phase, on such terms and conditions customary for a project of this nature and extent, and setting out each Party’s equity interest in the Project.  The JDA shall be executed once the pre-feasibility studies have been completed.