COVID-19 has slowed global trade, but Equatorial Guinea is not relenting in its drive for investment and downstream diversification, said the country’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima. Equatorial Guinea’s Year of Investment 2020 campaign continues to move ahead.
“Definitely the Year of Investment is still very important,” said the Minister during a webinar hosted by Africa Oil & Power on Monday. “2019 was the Year of Energy, and the Year of Energy was to show to the world Equatorial Guinea … 2020 is the Year of Investment. It is the year that we put our money where our mouth is. And we are definitely going to continue.”
Projects already moving ahead include the backfill of gas supply to gas processing facilities as part of the Gas Megahub project, which is in the works with partners Noble Energy and Marathon Oil, as well as preliminary work on a modular refinery. These projects will move forward, despite the low oil price environment caused by COVID-19, largely because they were already in progress.
The Year of Investment, planned to last throughout 2020 and include several in-country conferences and a global investment roadshow, is adapting to the new restrictions under COVID-19. Webinars and video conferencing are just one way technology is keeping the country connected with investors.
“By this time, everyone was supposed to be here in Equatorial Guinea. We were supposed to be having a conference. We were supposed to be signing a lot of contracts. But I am still signing contracts,” Lima said on Wednesday.
Webinars and virtual roadshows will continue throughout the year, and will culminate in a Malabo conference on November 25-26, 2020. The Africa Oil & Investment Forum will attract regional and international investors to Malabo, as the country continues to engage at the regional and international level.
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