On the 18th of February, the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, inaugurated Cameroonian oil company, Tradex’s first filling station in Equatorial Guinea. The construction of the station was launched on May 19th 2020, in Malabo II, an extension of the Equato-Guinean capital.
Malabo II was built after the discovery of oil in Equatorial Guinea, who is considered as an important oil producer in the CEMAC region. Tradex is a subsidiary of the National Hydrocarbons Corporation of Cameroon (SNH).
The filling station has a storage capacity of 100,000 litres of fuel (super and Gasoil) and 300 tanks of 12.5 kg of butane gas. The construction work was carried out by indigenous Equatorial Guinean company, Alammarin, for Constructing SL.
The project is the start of a XAF15 billion investment program that will last for three (3) years. A network of ten (10) filling stations are to be built in Equatorial Guinea by Tradex, making the company to expand its footprints in the country. This is possible because of the license that Tradex obtained on December 17th 2018, which allows it to market petroleum products in Equatorial Guinea.
With the 2018 license, Tradex, which recorded a net result of XAF10.3 billion for a turnover of XAF291 billion in 2018, was marking its official entrance into the Equato-Guinean petroleum product market after its entrance in the Republic of Central Africa and Chad.
Before the 2018 license, Tradex was already operating in Equatorial Guinea. In November 2015, the Company signed a contract with Luba Oil Terminal Equatorial Guinea (Loteg) to store is products at Loteg’s warehouse at Luba Free Port, which made it to be able to exclusively supply the petroleum products to vessels that come for refilling at Luba Free Port.
Both APPO-member countries’ collaboration aligns with the first Strategic Objective of APPO, which is to “Promote cooperation among Member Countries and other global institutions in various sectors of the hydrocarbon industry: commercial, scientific, technical, technological, legal, fiscal as well as in the field of human resources.”