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Equatorial Guinea makes bid for OPEC membership

Oil&Gas Materials 24 January 2017 13:14 (UTC +04:00)
Equatorial Guinea has made a bid to become a new OPEC member in 2017.
Equatorial Guinea makes bid for OPEC membership

Baku, Azerbaijan, Jan.24

By Leman Zeynalova – Trend:

Equatorial Guinea has made a bid to become a new OPEC member in 2017, according to the statement from the country’s Ministry of Mines, Industry and Energy.

"We firmly believe that Equatorial Guinea's interests are fully aligned with those of OPEC in serving the best interests of the industry," Mines, Industry and Energy Minister Gabriel Mbaga Obiang was quoted as saying in the statement.

The offer was made during the visit Obiang to Vienna on Jan.20 to meet with OPEC officials.

"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," Obiang said.

OPEC was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the founder members of the organization.

Currently, OPEC has a total of 13 member countries: Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

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