Taleveras Group, an oil trading firm owned by Igho Sanomi, a 39 year-old Nigerian businessman, has signed an agreement with the Ministry of Mines, Industry and Energy of Equatorial Guinea, to construct one of the largest oil storage terminal in Africa.
According to a press release, the agreement was signed on the 20th December 2014 at a ceremony in Malabo. The terminal, named the Bioko Oil Terminal (BOT) is expected to have a total storage capacity of 1.2 million cubic meters for refined products and crude in the first 2 phases.
“The terminal will be built at Punta Europa, located on the Bioko Island part of Equatorial Guinea, and will therefore be ideally located to service the key oil supply and demand centers throughout West Africa,” the statement said.Uniquely positioned to provide global partners with world-class facilities, the oil terminal will be developed in phases. The first phase will have a 680,000 cubic meters of refined products storage capacity and the primary purpose of the oil terminal will be to supply international trade of Gasoline, Naphtha, Diesel, Jet A-1, and Fuel Oil. The subsequent phases are to include Crude Oil storage.
Taleveras says in its statement that it obtained the rights in December through an open negotiation process.
The company did not provide a value for the deal or specify the exact date it would start construction.
Having selected the Engineering, procurement and construction (EPC) contractors, the next steps for the Bioko Oil Terminal is to conclude and sign the Front End Engineering Design (FEED) contract in early 2015, selection of the consortium to build, own and operate the terminal.
Taleveras Group is one of the leading suppliers of crude oil and refined petroleum products in West Africa. The company was founded in 2004 in Nigeria by Igho Sanomi as an energy trading company; it has more than $2 billion in credit lines and trades over 100 million barrels of crude oil as well as several million tons of gasoline, LPG and jet fuel annually. Taleveras has offices in London, Geneva, Abuja, Lagos, Abidjan, Cape Town and Dubai.
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