(Ecofin Agency) - Towards establishing Equatorial Guinea as the first storage location for oil and petroleum products in West and Central Africa, SacOil is to join the association of Taleveras Group, Gunvor Group and the Strategic Fuel Fund in developing the Bioko Oil Terminal tank farm.

The facility will be led by the country’s Ministry of Mines, Industry and Energy.

“The entry of a fourth partner company into the Bioko Oil Terminal project signals the international interest in this facility, which will serve the huge demand for petroleum storage in the Gulf of Guinea region. Projects such as the Bioko Oil Terminal further reinforce Equatorial Guinea’s status as a major African oil and gas sector and a highly attractive investment destination,” Minister of Mines, Industry and Energy H.E. Gabriel Mbaga Obiang Lima said.

According to the Chief Executive Officer of SacOil Holdings, Thabo Kgogo, the Bioko Oil terminal will “add needed oil and petroleum products storage capacity in West and Central Africa.” “The project fits well with the Company’s overall strategy of diversifying the business into midstream and downstream activities” He added.

SacOil hereby joins the three other companies namely Taleveras Group, Gunvor Group and the Strategic Fuel Fund with whom the Ministry of Mines, Industry and Energy has signed a MoU on 30 October 2015 in relation to the development of the tank farm. SacOil is to take part in the project under the same agreement.

The government with projects such as this one plans to make Equatorial Guinea a major transit point for global oil and gas deliveries, Oil and Gas Press reports.