'Oil is never going to be a curse, only exploiters wish that' - Eq. Guinea's president

Equatorial Guinean President Obiang Nguema Mbasogo has debunked claims that the abundance of crude oil is a curse to countries mining the product.

He told journalists on Monday that petroleum is a blessing to his people and only exploiters will wish it is a curse for them.

“Like honey, oil and gas attracts all and sundry. Petroleum or black gold is never going to be a curse. How can a curse bring so much transformation and development to a nation. Only those seeking to have the wealth for themselves wish that it is a curse for others,” he said.

Obiang Nguema was speaking at a joint press conference with Ugandan President Yoweri Museveni at the end of the latter’s four-day visit to the oil-rich Central African country.

He described Equatorial Guinea’s development as unprecedented and a huge blessing.

President Museveni praised Obiang Nguema for the level of development his country has attained including successes in oil production.

“I congratulate President Obiang Nguema on the right decision of not wasting gas by flaring it. He took a decision that it is madness to destroy part of your natural resource. All the gas must be used by liquidifying for sale or for electricity,” he said.

This is the first visit of a Ugandan president to Equatorial Guinea and the two leaders signed memoranda of understanding in the oil and gas sector and diplomacy.

Museveni pledged to appoint an ambassador to Equatorial Guinea.