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Into Africa

Author: Matthew Green, Financial Times, Published on: 24 May 2009

…There are no people yet, but soon “Malabo Two” will be open for business. Teodoro Obiang Nguema Mbasogo, the president [of Equatorial Guinea]…is spending billions of petrodollars on a construction bonanza aimed at turning his tiny country into a Dubai-style economic hub for the Gulf of Guinea…The outcome will have implications not just for Equatorial Guinea’s 700,000 people…but also for a vanguard of European energy companies banking on the country to supply a commodity they desperately need: natural gas…European companies…can only hope the rise of Malabo Two is the harbinger of a more benign form of rule that will make it easier to keep their consciences – and reputations – clean. Not everyone is convinced. “These companies are taking a huge reputational risk by coming to Equatorial Guinea,” said Tutu Alicante, executive-director of Equatorial Guinea Justice…“The newcomers must make their engagement conditional on greater transparency.” [refers to Eon, Union Fenosa, Marathon Oil, Sonagas, Galp Energia, Gasol, Gas Natural]

Read the full post here

Related companies: E.ON Gas Natural Marathon Oil Unión Fenosa (now Gas Natural)