TheNewsGuru

Tag: Equatorial Guinea

  • French court jails Vice President of Equatorial Guinea, Teodorin Obiang for embezzlement

    A French court on Friday found the Vice President of Equatorial Guinea, Teodorin Obiang guilty in absentia for using money plundered from his country to buy property and luxury cars in France.

    TheNewsGuru.com reports that Teodorin Obiang who is also the eldest son of President Teodoro Obiang was also handed a three-year suspended prison sentence and a suspended 30 million euros ($35 million) fine.

    The Paris court found Mr. Obiang, 48, guilty of embezzlement and ordered the confiscation of more than 100 million euros worth of his French assets.

    Mr. Obiang denied the charges.

    The case is the first of several to reach court in a broader judicial investigation into allegations of illicit acquisitions in France by long-time leaders and family relatives in several African countries including Gabon and Congo Republic.

    Mr. Obiang was first put on trial in January, but the case, 10 years in the works, was postponed after his lawyers argued they had not had enough time to prepare his defence.

    Mr. Obiang’s luxury residence on Paris’ Avenue Foch – a grand, sweeping road near the Arc de Triomphe often favoured by wealthy African expatriates and politicians, was among the assets scrutinised during the trial.

    The property, bought for 25 million euros in 2005, had a gym, hair-dressing studio and disco with cinema screen.

    Paris prosecutor, Jean-Yves Lourgouilloux, said Mr. Obiang’s “fraudulent spending” amounted to more than 150 million euros.

    His father, President Teodoro Mbasogo, has ruled Equatorial Guinea, a former Spanish colony, for more than three decades, making him one of Africa’s longest-serving leaders.

    The rights groups have labelled his administration as one of the world’s most corrupt regimes.

     

     

    Reuters/NAN

  • Equatorial Guinea presents offer to join OPEC, agrees to production cuts in 2017

    Equatorial Guinea presents offer to join OPEC, agrees to production cuts in 2017

    The Ministry of Mines and Hydrocarbons of Equatorial Guinea announces that it has submitted its interest to join the Organization of Petroleum Exporting Countries, OPEC in 2017.

    The country’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang, traveled to Vienna on January 20 to meet OPEC officials with a proposal to present the Government of Equatorial Guinea’s offer to become the 14th member of the cartel.

    With 32.5 million barrels per day of output projected this year, OPEC is the world’s largest organization of oil producers. The Minister’s trip to Vienna follows the Fourth Africa-Arab Summit which hosted several OPEC members in Malabo in November 2016.

    “For decades, Equatorial Guinea has achieved a sterling track record as a dependable supplier of petroleum to consumers in all corners of the world. We firmly believe that Equatorial Guinea’s interests are fully aligned with those of OPEC in serving the best interests of the industry, Africa and the global economy,” said Obiang.

    On December 10, 2016, Equatorial Guinea agreed to join 10 other non-OPEC countries to reduce 558,000 barrels per day of total oil production in 2017. Equatorial Guinea’s share of the cut is 12,000 barrels per day. Despite a two-year sustained slump in oil prices, Equatorial Guinea has maintained liquid output levels at a competitive level.

    “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” the Minister said. “Equatorial Guinea is doing its part to ensure stability in the market and that the industry continues to invest in exploring and developing our resources.”

    TheNewsGuru.com reports that Equatorial Guinea is the third largest oil and gas producer in sub-Saharan Africa. Its $10.6 billion of annual oil and gas exports account for 95 percent of the country’s total exports, with shipments sold every day to China, India, Japan, Korea and many other countries.