Africa Monitor Intelligence
Equatorial Guinea: Obiang's “Holding” Adds Fuel Business
The local subsidiary of TRADEX is partially owned by the Abayak Group and became the third fuel retail company in the country, after Total and GEPETROL Servicios, partially owned by the State, in a sector under the tutelage of GABRIEL OBIANG LIMA, minister of hydrocarbons and son of the PR.
The new distribution chain, inaugurated with a delay of 4 months, is presented as part of the solution to the shortage of fuels in the country.
At the business level, Abayak, headed by JUAN OVONO ESONO, has been present in several investments in GE, standing out as the pivot company in terms of external purchases from the State, through which a large part of public orders pass.
The Abayak group assumes itself as an inevitable local partner for some of the main business projects in the country, in a set of sectors that span energy, education, banking, civil construction, hotels and restaurants. Companies such as Segesa, Geocam, Getesa, Société Générale, CCEI Bank, Abayak Fabrica de Cimentos, among others are wholly or partially owned by Abayak, which also owns 15% of Mobil Equatorial Guinea, an ExxonMobil subsidiary in the country. READ MORE