The Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea, in collaboration with the Atlantic Methanol Production Company (AMPCO), awarded American company Nexant the feasibility study for the construction of a new formaldehyde production plant in Punta Europa.
The project is part of the Year of Investment and was previously agreed during a meeting last January between H.E. President Teodoro Obiang Nguema Mbasogo, H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, Marathon Oil Chairman, President and CEO Lee Tillman and Executive Vice President Mitch Little.
Formaldehyde is a key component in the manufacturing of plastics, clothing, paper, and is widely used in industries derived from wood. The construction of such a facility in Equatorial Guinea would open doors for the establishment and growth of such related industries in the country. The feasibility study for the project is expected to be ready by mid-June 2020, and is part of the ongoing Year of Investment 2020.
“We are on track to deliver several projects under the Year of Investment 2020 following the award of the feasibility study for a 5,000 bpd modular refinery to VFuels last month, and the award of the feasibility study for the methanol-to-derivates plant this week,” declared H.E. Gabriel Mbaga Obiang Lima. “These are two landmark projects of the Year of Investment that will boost the local transformation of domestic oil and natural gas and create substantial jobs for the country,” he added.
