Equatorial Guinea signs major oil refinery deal with Shanghai SupeZet to boost domestic crude processing, reduce fuel imports, and strengthen its energy sector as a regional refining hub.
The agreement, finalized in Shanghai by Vice President Nguema Obiang Mangue and SupeZet President Zhang Jinhong, aims to process Equatoguinean crude oil for domestic consumption and position the country as a regional refining hub in West Africa.
Speaking on the significance of the project, Antonio Oburu Ondo, Minister of Hydrocarbons and Mining Development, emphasized the importance of fostering energy independence and industrial growth.
“Equatorial Guinea is focused on developing our energy value chain to ensure long-term energy security, industrial growth, and economic diversification.”
Antonio Oburu Ondo, Minister of Hydrocarbons and Mining Development
The new refinery project, alongside existing infrastructure such as the Bata refinery, is expected to reduce reliance on imported fuel, boost economic activity, and create employment opportunities while enabling technology transfer.
Equatorial Guinea has embarked on multiple large-scale energy development projects to ensure long-term diversification.
The planned Bata refinery, developed in collaboration with the China Railway Construction Corporation, is expected to process 20,000 barrels of crude oil per day, further bolstering the country’s industrial base.
“This new refinery agreement, along with broader investments across upstream, gas, and clean energy, underscores our commitment to building a modern, resilient energy sector that delivers real benefits to our citizens and partners across the region.”
Antonio Oburu Ondo, Minister of Hydrocarbons and Mining Development
Additionally, the country is pursuing an integrated energy growth strategy that includes upstream revitalization and diversification into natural gas and clean energy.
The African Energy Chamber (AEC) is working closely with Equatorial Guinea’s National Council for Economic and Social Development to improve local content policies, attract energy financing, and strengthen institutional frameworks.
Expanding Guinea’s Upstream Projects
Equatorial Guinea is also making strides in its upstream sector. Chevron has signed production sharing contracts (PSCs) for Blocks EG-06 and EG-11, further expanding its presence through its affiliate Noble Energy.
Additionally, Chevron is collaborating with Marathon Oil on the Gas Mega Hub, where Phase II will process gas from the Alba field, and Phase III will integrate gas from the Aseng field.
VAALCO Energy, which finalized a PSC for Block P in August 2024, is preparing for a new drilling campaign.
Meanwhile, GEPetrol’s takeover of the Zafiro field from ExxonMobil has initiated a multi-phase development plan, including a $350 million contract with Petrofac to optimize production and infrastructure across Block B.
The African Energy Chamber (AEC) has expressed strong support for these developments. Investment opportunities across Equatorial Guinea’s natural gas value chain will be highlighted during the African Energy Week: Invest in African Energies 2025, scheduled from September 29 to October 3 in Cape Town.
The AEC encourages international partners, investors, and technology providers to take full advantage of the opportunities unfolding in Equatorial Guinea as the country builds momentum and offers a stable and attractive platform for innovation and regional energy leadership.
Equatorial Guinea’s partnership with Shanghai SupeZet for the construction of a new oil refinery marks a significant milestone in the country’s energy expansion strategy.
By focusing on developing its energy value chain, enhancing domestic refining capacity, and expanding upstream and gas projects, Equatorial Guinea is positioning itself as a key player in the regional energy sector.
The upcoming licensing round and continued collaboration with international partners further underscore the country’s commitment to building a modern, resilient energy sector that delivers tangible benefits to its citizens and the broader region.
READ ALSO: Wencai Zhang Calls on Finance Minister, Pledges Stronger World Bank-Ghana Partnership
