Ethiopia and Equatorial Guinea Monday signed a Memorandum of Understanding (MoU) agreeing to collaborate on the mining and petroleum sector.
The agreement was reached after thorough discussion between the visiting Equatorial Guinean delegation led by Minister of Mines and Petroleum Gabriel Mbaga Obiang and the Ethiopian counterpart in Addis Ababa.
The agreement involves among other things to exchange information on the mining, natural gas, and petroleum sector, Ethiopia’s Ministry of foreign Affairs said in a statement.
The two countries began initial talks on agreement after a high-level Ethiopian delegation, led by Prime Minister Abiy Ahmed, participated in the AU Extraordinary Summit a few days ago in Malabo, capital of Equatorial Guinea.
“Following our successful visit” , Ethiopia’s Minister of Mines Takele Uma said “we are happy to welcome Minister of Mines & Petroleum of Equatorial Guinea Mr Gabriel Mbaga to Addis.”
Equatorial Guinea has been one of the fastest-growing economies in Africa in the past decade, according to the World Bank.
The country is the third-largest producer of oil in Sub-Saharan Africa, after Nigeria and Angola, and relies mainly on oil and gas exports to power its economy.
MG/abj/APA