9th Nov 2015 11:49
LONDON (Alliance News) - SacOil Holdings Ltd on Monday said it has signed a memorandum of understanding with the Ministry of Mines, Industries and Energy of Equatorial Guinea, Taleveras Exploration and Production DMCC, Gunvor Group, and the Strategic Fuel Fund Association.
The MoU is to conduct a detailed evaluation for the development of the Bioko oil terminal tank farm in Equatorial Guinea, which is aimed to be developed into a large oil and petroleum-products storage facility. A joint development agreement will be executed once the pre-feasibility studies have been completed.
"SacOil welcomes this opportunity to work with a strategic partner such as the Ministry of Mines, Industries and Energy to add needed oil and petroleum products storage capacity in West and Central Africa. The project fits well with the company's overall strategy of diversifying the business into midstream and downstream activities," Chief Executive Thabo Kgogo said in a statement.
Shares in SacOil were untraded Monday, last quoted at 1.83 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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