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Teodoro Obiang Nguema Mbasogo
President Teodoro Obiang Nguema Mbasogo invests more than $1 million in an Agarwood Oil business in Cambodia producing Oud Oil.
The company, Cambodian Oud, will develop a supply chain in Equitorial Guinea next year.
Cambodian Oud produces Ood Oil for the international market, mainly exporting to countries such as the UAE and Saudi Arabia as well as North Asia.
According to a report published last year, Cambodian Oud exports 200kg of Agarwood Oil to Africa, this is expected to rise over the next 3 years, Equitorial Guinea is expected to be a major export hub in Africa,
"This investment shows there are great business opportunities in this product in Africa," President Teodoro Obiang Nguema Mbasogo said.
"The current global market for agarwood is estimated to be in the range of US$6 – 8 billion and is growing rapidly," www.cambodianoud.com