By Emmanuel Tumanjong

The government of Equatorial Guinea has said a new oil refinery expected to be built in the months ahead will cost between $55 million and $76 million.

The modular refinery, to be operated by U.S. energy company Marathon Petroleum, will have a capacity of between 5,000 and 10,000 barrels daily and will drill its crude from the Alba and Alen wells.

It will enable the Central African nation to produce oil for local consumption and help it cut imports of refined oil and halt shortage of refined hydrocarbons products.

Minister for Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said the investment will start in the first quarter of 2021.

The push for the building of the refinery comes after a study into the feasibility of the project was completed in June by V-Fuels Oil and Gas Engineering.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

September 22, 2020 04:01 ET (08:01 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Marathon Petroleum (NYSE:MPC)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Marathon Petroleum Charts.
Marathon Petroleum (NYSE:MPC)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Marathon Petroleum Charts.