South African oil and gas company SacOil will join the consortium of Taleveras Group, Gunvor Group and the Strategic Fuel Fund in developing the Bioko Oil Terminal tank farm in Equatorial Guinea.
The Bioko Oil Terminal will be a massive oil and petroleum products storage facility, and is spearheaded by the Ministry of Mines, Industry and Energy of Equatorial Guinea. Through the project, the Government aims to establish Equatorial Guinea as the premier storage location in West and Central Africa, and a major transit point for global oil and gas deliveries.
On October 30, 2015 the Ministry of Mines, Industry and Energy signed an MoU with Taleveras Group, Gunvor Group and the Strategic Fuel Fund that established the terms of funding and initial development of the tank farm. SacOil will participate in the project under the same agreement.