27 Sep 2024 11:30

Russia, Equatorial Guinea discuss terms for Russian oil and gas companies to enter latter's market

MOSCOW. Sept 27 (Interfax) - Russia and Equatorial Guinea have discussed the terms and conditions for Russian companies to enter oil and gas projects in the African country, as well as supplies of domestic industrial equipment to the latter, the Russian government said following a meeting between Deputy Prime Minister Alexander Novak and Equatorial Guinea's Minister of Mines and Hydrocarbons Antonio Oburu Ondo.

"The parties discussed the possibilities of expanding bilateral trade and economic collaboration and the promising areas, namely supplying Russian industrial and oil and gas equipment to the country; the terms and conditions for Russian oil and gas companies entering into hydrocarbon exploration and production projects in Equatorial Guinea; as well as Russian contractors participating in constructing facilities for solar power generation, peaceful nuclear energy, LNG production, and so on," according to the statement.

As noted, Russia currently exports pharmaceutical products, as well as mineral and chemical fertilizers, to Equatorial Guinea. The parties also noted an increase in trade turnover this year, and agreed to create a mechanism for consultations on issues of economic, trade and investment cooperation.

Novak and Ondo also discussed the two countries' cooperation in OPEC+, noting the alliance's role in balancing supply and demand on the global oil market.