- Title: GABON: Gabon rolls out plans to build larger oil refinery
- Date: 28th August 2012
- Summary: LIBREVILLE, GABON (RECENT) (REUTERS) VARIOUS OF KOREAN DELEGATION MEETING GABONESE DELEGATION/ KOREAN AND GABONESE OFFICIALS SIGNING AGREEMENT FOR CONSTRUCTION OF NEW OIL REFINERY (SOUNDBITE) (French) ETIENNE NGOUBOU, GABON'S MINISTER OF PETROLEUM AND ENERGY SAYING: "This project will go towards improving the growth of the national economy, by increasing the production of oil levels to suit the various ambitious projects that have been planned by his excellency, the President of the Republic, which will allow us to reach a double digit growth in the years to come." TOTAL PETROL STATION BY ROAD VARIOUS OF PETROL ATTENDANT PUMPING FUEL FUEL PUMP METER MORE OF PETROL ATTENDANT FUELING CAR PETROL ATTENDANT COUNTING MONEY VARIOUS OF PETROLEUM PRODUCTS VARIOUS OF GAS CYLINDERS ON SALE (SOUNDBITE) (French) ERIC-JOEL ONGONE ATSAMBE, LIBREVILLE RESIDENT, SAYING: "There are days when we can't find gas, because there is only one refinery, which cannot service the needs of all the consumers." (SOUNDBITE) (French) FAUSTIN OBAME NTOUTOUME, LIBREVILLE RESIDENT SAYING: "Whatever agreements the Gabonese government signs or does not sign, it's not doing so to benefit the Gabonese people." VARIOUS OF ECONOMIC ANALYST, ZOMO YEBE, WORKING IN HIS OFFICE (SOUNDBITE) (French) ZOMO YEBE, ECONOMIC ANALYST SAYING: "It (project) should be financially viable. The government now needs to keep a close eye on the project to see if it's viable, on the social-economic level. We will need to see what impact the project will have on employment. It is excepted to create more jobs, around 3,000 direct and indirect, so we will need to look at what the project brings in terms of public finance. We will also need to see its economic impact. The government needs to pay attention to all these different aspects to make sure that it's a win-win partnership." STREET SCENES
- Embargoed: 12th September 2012 13:00
- Keywords:
- Location: Gabon
- Country: Gabon
- Topics: Economy,Energy
- Reuters ID: LVA1PZKSX890W8PK1AQPD8DXEA9E
- Story Text: Gabon is set to build a new oil refinery in the oil hub of Port Gentil, after signing an agreement with South Korean-based company, Samsung. The new refinery is projected to produce about 50,000 barrels per day, compared to the current oil refinery, which produces around 21,000 barrels a day.
The construction of a new oil refinery in Gabon's oil rich, Port Gentil will see the country increase its oil output from 21,000 to 50,000 barrels a day, following the signing of an agreement with Korean company, Samsung C&T Corporation.
The new refinery, which will cost about 1 billion US dollars will replace the country's aging refinery, SOGARA.
"This project will go towards improving the growth of the national economy, by increasing the production of oil levels to suit the various ambitious projects that have been planned by his excellency, the President of the Republic, which will allow us to reach a double digit growth in the years to come," said Gabon's minister of Petroleum and Energy, Etienne Ngoubou.
The central African nation has long relied on foreign firms such as France's Total and London-listed Royal Dutch Shell for much of its output.
However, production has dwindled in recent years due to maturing fields. President Ali Bongo, who took over from his father and won re-election in 2009 is also seeking to diversify the oil-dependent economy and attract investments in its mining, timber and services sectors.
The new refinery is set to produce liquid petroleum gas, diesel fuel, fuel oil, refined oil and aviation fuel.
Two thirds of the products are expected to be exported to regional markets, as well as Europe, and the remaining third will be used to meet domestic demand.
But opinions are mixed amongst ordinary Gabonese, who are affected by fluctuating oil prices, and are not sure whether the new refinery will significantly change the current situation.
"There are days when we can't find gas, because there is only one refinery, which cannot service the needs of all the consumers," said one Libreville resident, Eric Joel Ongone Atsambe.
"Whatever agreements the Gabonese government signs or does not sign, it's not doing so to benefit the Gabonese people," added Faustin Obame Ntoutoume, another Libreville resident.
Zomo Yebe an economic analyst in the country says that the government needs to ensure that the new investment will benefit ordinary Gabonese and create employment opportunities.
"It (project) should be financially viable. The government now needs to keep a close eye on the project to see if it's viable, on the social-economic level. We will need to see what impact the project will have on employment. It is excepted to create more jobs, around 3,000 direct and indirect, so we will need to look at what the project brings in terms of public finance. We will also need to see its economic impact. The government needs to pay attention to all these different aspects to make sure that it's a win-win partnership," said Yebe.
Construction of the new refinery is set to begin in November and is expected to end in 2016. - Copyright Holder: REUTERS
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