Minister for Finance meets Total GE

The Minister for Finance and Budgets, Miguel Engonga Obiang Eyang, has held a working session with various experts from the company Total GE, to look at various aspects related to the agreements signed between the Government and the oil company.

Assisted by the secretaries of State for Financial Control and for the General State Treasury, Eusebio Ipico Penda and Milagrosa Obono Angue, the minister Obiang Eyang met Total GE at the headquarters of the ministerial department, in Malabo II, on Monday 21st August.

The first point examined concerned an analysis of the dispute between the company and the Government, in which the latter is claiming a sum of 48,000 millions Franco CFA.

Regarding this irregularity, members of the government apparatus asked the company to present a specific proposal, in order to establish negotiations with the Government in order to cancel or delay the judicial process.

Members of the government urged the company to take into account the aspect concerning the drop in the price of oil on the international market, which should impact on the calculation of the CIF differential, which to date has not been applied by Total GE.

The Ministry for Finance has instructed the company directors to come up with a viable proposal promptly regarding this concern.

The meeting was attended by the General Secretary, Clementino Meda Seriche, among other authorities.

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

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