(Ecofin Agency) - The Ministry of Mines, Industry and Energy in Equatorial Guinea has signed a MoU with the Taleveras Group, Gunvor Group, and the Strategic Fuel Fund to build a storage tank farm on Bioko Island.

The Bioko Oil Terminal is to include a key amount of crude oil storage space as well as storage for associated petroleum products. It will serve the Gulf of Guinea region and also facilitate processing and export to consumers in the region and beyond.

“The Bioko Oil Terminal will serve the enormous demand for storage in the currently underserved Gulf of Guinea region. This is a definitive forward step for our nation’s petroleum industry and economic diversification agenda. We are proud to announce that the national bank of Equatorial Guinea, BANGE, will be involved in the financing of the project,” Minister of Mines, Industry and Energy H.E. Gabriel Mbaga Obiang Lima (photo) said.

 The Strategic Fuel Fund, operator of the Saldanha Bay, one of the world’s largest petroleum storage facilities in South Africa, is to operate the storage tank farm, Petroleumafrica reports.