In April 2011 the Ministry announce that a Memorandum of Understanding (MOU) had been approved and signed relating to the commercial structure of the LNG Train 2 Integrated Project in Equatorial Guinea.
The MOU was signed by the Ministry of Mines, Industry and Energy, SONAGAS GE (the national gas company of Equatorial Guinea), the partners of Blocks O & I (Noble Energy, GEPetrol GE (the national oil company of Equatorial Guinea), Glencore, Atlas Petroleum and Osbourne Resources Ltd.), the partners of Block R (Ophir Energy and GEPetrol GE), the shareholders of 3G Holding Ltd (Union Fenosa Gas and GALP Energia) and the partners of EGLNG Holding Ltd. (Marathon GE, Mitsui & Co. Ltd and Marubeni Gas Development Co. Ltd).
The signed MOU relates to the alignment of the gas producers, the owners of the gas pipeline infrastructure and the owners of EGLNG Train 1 to develop and implement the LNG Train 2 Project, using the resources necessary to carry out this Project. The planned FID for this project is 2013 with the first LNG in 2017.
In April 2010 the Ministry of Mines, Industry and Energy announced plans to construct a 20,000 bpd refinery at Mbini on the Rio Muni mainland part of Equatorial Guinea. The refinery will be designed to produce Gasoline, Diesel, Jet A-1 and Fuel Oil with the primary purpose to supply internal demand with any excess product being available for export to local regional markets. KBR was awarded a contract for the Conceptual Design and Project Management Services in order to produce a conceptual design package that will form the basis for the Engineering, Procurement and Construction (EPC) phase of the project.
Crude Oil Storage Terminal
In August 2011, the Ministry signed an agreement with the Dutch company VOPAK relating to the construction of a terminal for storage, processing and distribution of crude oil and crude oil products imported from outside Equatorial Guinea and for crude oil sourced in Equatorial Guinea to external markets
In 2011 the MMIE announced the formation of REPEGE (Revolucion Petrochemica de Guinea Ecuatorial) to evaluate the possibility of creating a petrochemical industry in Equatorial Guinea. REPEGE has initiated discussions with various entities to investigate the possible scenarios for the utilisation of gas reserves located off the eastern coast of Bioko in order to develop an indigenous petrochemical industry.