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Article

2 Jun 2005

Author:
David Leigh, Guardian [UK]

A rich country being stripped of its wealth - British firms among those to profit from energy bonanza in Equatorial Guinea

Equatorial Guinea...has immense quantities of oil...Yet such an astonishing bonanza appears to have done most of the country's citizens no good... Who then, is getting the benefit?...BG...is buying up...the entire planned output for 17 years of Equatorial Guinea's new LNG [liquefied natural gas] plant...The company will not disclose what it will be paying...[When] asked how much...profit will go back to Equatorial Guinea...the company pulls down the shutters. [also refers to Marathon Oil, Riggs Bank, Kalunga, Apexside, HSBC, Lloyds Bank (Lloyds TSB), ECL, GEPetrol, Incat, Logo Logistics]