Equatorial Guinea has signed a new agreement with Chinese engineering firm Shanghai SupeZet to build an oil refinery, marking a key step in the country’s plan to expand its energy sector. The Memorandum of Understanding (MoU) was signed on May 2 in Shanghai by Vice President Nguema Obiang Mangue and Shanghai SupeZet President Zhang Jinhong.
The refinery will process domestic crude oil for local use, helping reduce the country’s reliance on fuel imports. It is part of Equatorial Guinea’s broader strategy to grow its downstream capacity and position itself as a refining hub in West Africa. The government expects the project to create jobs, support technology transfer, and improve the trade balance.
This new refinery complements other major infrastructure plans, such as the Bata refinery. That project, developed with China Railway Construction Corporation, aims to process 20,000 barrels of oil per day and strengthen the country’s industrial capacity.
The refinery initiative is part of Equatorial Guinea’s long-term energy strategy, which also focuses on upstream development, natural gas, and clean energy. The government is working with the National Council for Economic and Social Development and the African Energy Chamber (AEC) to boost local content, improve financing options, and build technical expertise through specialized training programs.
Looking ahead, the country plans to launch a new oil and gas licensing round in 2025. This round will include Blocks H and 02, which were previously held by Atlas Oranto Petroleum and PanAtlantic Energy. The last licensing round in 2019 attracted 53 companies and led to 17 submitted bids, showing strong international interest in the country’s upstream resources.
Equatorial Guinea is also advancing several active projects. Chevron signed new production sharing contracts in 2024 for Blocks EG-06 and EG-11, expanding its operations via its affiliate Noble Energy. Chevron is also collaborating with Marathon Oil on the Gas Mega Hub project, which will process gas from the Alba and Aseng fields in its next phases.
Other companies are making moves as well. VAALCO Energy, which signed a deal for Block P in August 2024, is preparing for a drilling campaign. Meanwhile, state-owned GEPetrol has taken over operations at the Zafiro field from ExxonMobil and is launching a multi-phase development plan. This includes a $350 million contract with Petrofac to upgrade production and infrastructure at Block B.
“Equatorial Guinea is focused on developing our energy value chain to ensure long-term energy security, industrial growth and economic diversification,” said Minister of Hydrocarbons and Mining Development Antonio Oburu Ondo. “This new refinery agreement highlights our commitment to building a resilient energy sector that benefits our citizens and regional partners.”
The AEC has expressed strong support for the refinery deal and is promoting investment opportunities in the country’s gas and energy sectors. These prospects will be highlighted during African Energy Week: Invest in African Energies 2025, scheduled for September 29 to October 3 in Cape Town. The AEC is encouraging global investors and technology providers to engage with Equatorial Guinea as it seeks to become a regional energy leader.
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