London, UK | – Nigerian energy and oil trading firm Taleveras Group has signed an agreement with the Equatorial Guinea Mines, Industry and Energy Ministry for the construction of large oil storage terminal in the central African country.
Considered to be the Africa’s largest oil storage terminal, the Bioko Oil Terminal (BOT) will have a total storage capacity of 1.2 million cubic meters for refined products and crude in the first 2 phases.
The terminal is scheduled to be constructed at Punta Europa, which is located on the Bioko Island part of Equatorial Guinea in order to service the key oil supply and demand centres throughout West Africa.
Uniquely positioned to provide global partners with world-class facilities, the oil terminal will be developed in phases.
The first phase of the project will have a 680,000 cubic meters of refined products storage capacity while 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.