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MI Equatorial Guinea Signs a 5yr Storage Deal With Luba Freeport

09-20-2007

Africa-focused industrial group Lonrho has announced the signing of a new five-year contract between Luba Freeport Limited and MI Equatorial Guinea (MI).

The contract, which will be effective from the October 1, allows MI use of 2 450 m² of warehousing and offices, 900 m² of bulk chemicals storage area, and 4 000 m² of open storage area.

Luba Freeport is owned 63% by Lonrho and 37% owned by the government of Equatorial Guinea.

Luba Freeport serves as a logistics centre for the oil and gas industries in the Gulf of Guinea and services major oil companies in the region.

It provides a sheltered deep water environment in the bay of Luba, on the southern side of Bioko Island, where vessels can receive their fuel, bulk chemicals, water and any other cargo without needing to change berths.

MI is the sole supplier of brine, bentonite, base oil drilling mud and chemicals to the oil industry majors in Equatorial Guinea.