Alexander Novak held a meeting with Minister of Mines
and Hydrocarbons of Equatorial Guinea Antonio Oburu Ondo on the sidelines of the Russian Energy Week international forum. Minister of Energy Sergey Tsivelev
also took part in the meeting.
“Russia and the Republic of Equatorial Guinea share long-standing, friendly ties. We have been unwavering in our commitment to developing these relations based on the principles of respect and consideration for each other’s interests. The spirit of solidarity and mutual understanding remains at the core of our cooperation, which is not affected by to momentary considerations,” Alexander Novak pointed out.
The two parties discussed opportunities for expanding bilateral trade and economic cooperation and the potential to develop specific avenues, including the delivery of Russian equipment for the manufacturing, oil and gas sectors to Equatorial Guinea, as well as the terms and conditions for Russian oil and gas companies to join hydrocarbons exploration and extraction projects in the country. They also discussed enabling Russian contractors to take part in building photovoltaic and civilian nuclear power generating capacity, producing LNG, etc.
Today, pharmaceuticals, mineral and chemical fertilisers dominate Russian exports to Equatorial Guinea. This year witnessed a significant increase in bilateral trade. The two parties agreed to set up a consultative mechanism on economic, trade and investment cooperation.
Russia and Equatorial Guinea will continue working together as part of the Gas Exporting Countries Forum to devise measures designed to promote natural gas in the global energy markets as a means of achieving the UN sustainable development goals. Natural gas can fulfil this mission due to its affordability, universal nature and eco-friendliness.
Alexander Novak and Antonio Oburu Ondo also praised the contribution of OPEC+ to balancing supply and demand in the global oil market.