CHEVRON PLANS TO INVEST MORE THAN 660 MILLION DOLLARS IN EQUATORIAL GUINEA TO EXECUTE THE ASENG GAS PROJECT.

Source: Real Equatorial Guinea

Yesterday, Wednesday, September 25, Vice President of the Republic Teodoro Nguema Obiang Mangué, who is in New York City attending the 79th regular session of the United Nations General Assembly, met with representatives of American oil companies operating in Equatorial Guinea.

According to the press and image office of the Vice Presidency of the Republic, it has been revealed that one of the results of this meeting is that the Chevron firm plans to invest more than 660 million dollars in Equatorial Guinea for the execution of the Aseng Gas project. This meeting of partners, prepared by the Chamber of Commerce of the United States of America, has also served as a platform for the oil companies and the Equatorial Guinean Government, represented by Nguema Obiang Mangué, to analyze the proposals formulated in 2023.

It should be noted that in that year, American businessmen presented a series of aspects that slowed down their work in the country. In this regard, the Equatorial Guinean politician took note and promised solutions that would benefit both parties.

During the meeting in New York, the member of the Malabo executive made a summary of the positive results that have emerged one year after his promise.

Among other things, Nguema Obiang Mangué spoke about the text of the new tax law of Equatorial Guinea, which is ready to be enacted, and establishes the following reductions: taxes on profits go from 35% to 25%, taxes on dividends, which were previously at 25%, will now be 10%, while withholding taxes for non-residents have been reduced from 15 to 10% and those for resident companies have been reduced from 6.25% to 2%.

In addition to these reductions, Nguema Obiang Mangué also spoke of the importance that the Government gives to oil companies for their investment in the country and reported on his involvement in finding a mediation between the Judiciary and the Attorney General's Office to verify the procedural legality of court rulings related to oil companies before their execution.

The idea is to prevent further blocking of the accounts of companies due to a dispute with a few employees, since, he said, this prevents the normal functioning of the company and the fulfillment of its commitments to the tax authorities and the rest of its employees.

To close his speech, Nguema Obiang Mangué expressed the Government's willingness to continue to accommodate the work of oil companies in Equatorial Guinea, in order to develop the country, provided that this is done within the law. He also invited his interlocutors to support the Government in the total eradication of malaria in the country and in the management of design companies that will help create a master plan that will serve as a model for the illustration of the future of Equatorial Guinea in 20 years.