Equatorial Guinea has signed a strategic agreement with Saudi Arabia stating that the Gulf country will cooperate with the African country in the construction and financing of the Bioko Oil Terminal tank farm project, which will be West Africa’s largest oil products storage facility, Oil Price reported.

Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, said that the facility will also be the third-biggest storage facility in Africa that would firmly put his country on the global energy map, Saudi Daily Record informed.

The South Africa-based independent oil and gas company SacOil, the Ministry of Mines, Industries and Energy of Equatorial Guinea, Taleveras Exploration and Production DMCC, Gunvor Group, and the Strategic Fuel Fund Association are all cooperating in developing The Bioko Oil Terminal, which will be located in the the Bioko Island, offshore Equatorial Guinea.

Meanwhile, the Equatorial Guinea Press and Information Office released a statement indicating that the country had submitted the application to become a member of OPEC and that Saudi King Salman bin Abdul Aziz would lobby for the African country to be accepted as a member.