Exxon''s exit marks reversal of fortune for Equatorial Guinea
Despite Exxon''s history of doing business in Equatorial Guinea for almost three decades, the company decided to cut its losses altogether after a safety incident in 2022
As a CEMAC member, Equatorial Guinea uses the Central African franc (XAF), which is backed by the French treasury and pegged to the euro at a fixed rate of 655.957 XAF/EUR. The XAF/USD exchange rate thus fluctuates with the value of the euro.
It almost marks a reversal of fortunes for Equatorial Guinea, which was once a hotbed of promise when Mobil discovered oil there and Exxon increased production after its takeover in 1999. But oil production has been steadily declining in recent years, down more than 80 per cent from the boom years.
The DFC does not have any active projects in Equatorial Guinea, but there is potential for DFC programs to support investments in infrastructure (including water and power), telecommunications, agriculture, petrochemicals, and other industries. 13. Foreign Direct Investment Statistics
The investment climate in Equatorial Guinea reflects a lack of clear rules and regulations to establish and run a business, a lack of investment in critical infrastructure like power generation, and a lack of follow-through on high-level commitments to economic diversification or increased transparency.
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