China Railway Construction Corporation (CRCC) is negotiating a US $ 450 million oil refining project in Equatorial Guinea.
Vice President Nguema Obiang Mangue said Equatorial Guinea had long been interested in building a refinery, but the previously proposed project had not proved advantageous.
The CRCC refinery also produces asphalt, plastic containers and other petroleum derivatives, refining at least 20,000 barrels per day.
The Government has approved that the Equatorial Guinea Commission will continue to discuss project details with Chinese companies for a mutually beneficial agreement.
The project was reviewed at a meeting attended by Finance Minister Valentin Ella Mai, Secretary of State Miragrosa Obono Ang, and Gepetrol General Director Antonio O’Bull Ondo.
Oil and gas mining dominates the economy of Equatorial Guinea, accounting for about 90 percent of the country’s GDP.
Equatorial Guinea’s crude oil production in December 2021 totaled 85,000 barrels per day, up from 71,000 barrels per day in the previous month.
At an extraordinary meeting in Forum Macau last April, Equatorial Guinea Recognized as 9th A member of a Portuguese-speaking country of an organization led by China.