First meeting of the National Committee for Hydrocarbon Commercialisation

The National Committee for Hydrocarbon Commercialisation met on Monday 17th April, for their first meeting following constitution under Decree No. 23/2017, of 13th March, sanctioned by the Head of State, H. E. Obiang Nguema Mbasogo in the District of Akonibe. The meeting was overseen by the Minister for Mines and Hydrocarbons and president of this committee, Gabriel Mbega Obiang Lima, at the ministerial headquarters on Malabo II.

Under the direction of the Minister for Mines, Gabriel Mbega Obiang Lima, the national body charged with the commercialisation of hydrocarbons in the country, met to cover the six main points set for the meeting.

The matters discussed were: a reading of the decree through which the committee has been created, by the Director General of State Companies and Asset Acquisition, Cesar Inestrosa Gomez; instructions to the national petroleum companies Guinea Ecuatorial de Petroleo (Gepetrol), and the Sociedad Nacional de Gas (SONAGAS); the assignation of focal points; the reactivation of the Petroleum Operations Monitoring Committee; the election of the date and place of the next committee meeting, and any other business.

At the meeting, which was attended by all the components of the commission, it was said that the Government wants hydrocarbons in the Equatoguinean State to be managed in an ordered, transparent, responsible manner.

Taking into account the situation of the crisis affecting the majority of countries in the international community, caused by a fall in the price of hydrocarbons, it is considered appropriate to deal with this matter as a priority problem, in order to find a solution to the challenge.

The Government, considering that hydrocarbons are the driving resource for economic growth in the country, are concerned about the fluctuation and fall in prices on the international market, and thought it appropriate to redirect national policy regarding its commercialisation, in order to achieve greater economic benefits from the resources, for the benefit of the Equatoguinean people.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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