The Gazprom Headquarters today has hosted a meeting of Alexey Miller, Chairman of the Gazprom Management Committee, Gabriel Nguema Lima, Vice Minister of Mines, Industry and Energy of the Republic of Equatorial Guinea and Fausto Abeso Fuma, Ambassador Extraordinary and Plenipotentiary of the Republic of Equatorial Guinea to the Russian Federation.
The parties addressed the prospects for deeper cooperation in the oil and gas sector, placing a focus on Gazpromís potential involvement in projects aimed at developing gas infrastructures in Equatorial Guinea.
Oil extraction is the main production activity in Guinea accounting for some 90 per cent of government revenue.
According to various estimates, in 2006 the proven natural gas reserves of Equatorial Guinea amounted to 200 bcm. As part of its diversification strategy the Republican Government is active in developing the national gas sector.
Founded in 2005, Sonagas, the national gas company of the Republic of Equatorial Guinea, focuses its business on gas and LNG production, processing and transportation projects.
In September 2006 Sonagas and Gazprom inked a Memorandum of Understanding.
An LNG plant is currently under construction in Guinea, with the first carrier to be marketed in 2007.