President Obiang Addresses Baker Institute to Discuss Future of Equatorial Guinea

President Obiang Addresses Baker Institute to Discuss Future of Equatorial
Guinea

WASHINGTON, Sept. 21 /PRNewswire-USNewswire/ -- At Rice University's James A.
Baker III Institute for Public Policy Friday, His Excellency Teodoro Obiang
Nguema Mbasogo, President of the Republic of Equatorial Guinea, detailed his
vision for the future of Equatorial Guinea. Speaking as a guest of the
Institutes' Energy Forum, President Obiang detailed specific successes in the
country during its short history and outlined plans for the continued
investment of natural resource revenue, the improvement of social services and
increased transparency. (Photos available)

The President's address focused on the growing partnership between Equatorial
Guinea and the United States and the importance of energy trade, security
and investment to both countries.

"Hydrocarbons are the engine of economic growth for my country," President
Obiang said. "Oil is a mixed blessing for my nation. To ensure my country
overcomes the unrest often brought on by natural wealth and uses the revenue
generated from oil and natural gas rationally and transparently, oil income is
used for public investment in the basic infrastructure of the country. We are
committed to building an improved country. We want education for all of our
children, drinking water for everyone, hospitals for everyone, homes for
everyone, power for everyone, and a more diverse economy that improves our
nation for everyone."

Equatorial Guinea voluntarily joined the Extractive Industries Transparency
Initiative in 2008 and in collaboration with the European Union and World
Bank, Equatorial Guinea is increasing its transparency and its capacity
building for civil society. By March of 2010, Equatorial Guinea expects to
become a full member of EITI.

Equatorial Guinea is the third-largest producer of crude oil in sub-Saharan
Africa and a significant producer of natural gas. Equatorial Guinea's oil
reserves are located mainly in the Gulf of Guinea, which now supplies more
than 15% of the United States' energy annually and is expected to increase to
as much as 25% by 2020.

"As the President of Equatorial Guinea and the leader of my nation, my first
responsibility is the comprehensive development of my country," Obiang
continued. "My second responsibility is to the world. We understand the world
depends on oil and we are committed to satisfying those needs and guaranteeing
the world's energy security. A stable market, a healthy market, an accessible
market, is what we desire. It is in the best interest of consumers and it is
in our national interest."

Obiang concluded by saying "my vision for the future of Equatorial Guinea
centers on a diverse, modern economy of which energy is an essential part -
but not the only part. We are a young nation maturing and learning with each
year and each lesson. It is my hope that in the future, we will never stop
improving on the services we provide the people of Equatorial Guinea, but
perhaps we can have fewer lessons to learn. We are not far from that future."
About the James A. Baker III Institute for Public Policy Energy Forum:
Founded in 1996, the Baker Institute established the Energy Forum which
promotes original, forward-looking discussion and research on the
energy-related challenges facing society in the 21st century. The mission of
the Energy Forum is to promote the development of informed and realistic
public policy choices in the energy area by educating policymakers and the
public about important trends -- both regional and global -- that shape the
nature of global energy markets and influence the quantity and security of
vital supplies needed to fuel world economic growth and prosperity.

About the James A Baker III Institute for Public Policy:
Founded in 1993, the James A. Baker III Institute for Public Policy has
established itself as one of the leading nonpartisan public policy think tanks
in the country. The Baker Institute brings a unique perspective to some of the
most important public policy challenges of our time, hosting more than 20
programs -- including its research, speaking series, events and special
projects -- the institute attracts many domestic and foreign leaders who
provide their views and insights on key issues.

Photos available (http://www.flickr.com/photos/42713980@N05/3940431107)

This has been distributed by Qorvis Communications, LLC and Cassidy &
Associates on behalf of the Republic of Equatorial Guinea. More information
is available at the United States Department of Justice, Washington, DC.

SOURCE Republic of Equatorial Guinea

Jake Ward, +1-202-683-3156, jward@qorvis.com, for the Republic of Equatorial
Guinea