RUSSIA GREENLIGHTS OIL PIPELINE PROJECT IN REPUBLIC OF CONGO

Wed 18 September 2024:

Russia has approved a draft deal on the construction of an oil pipeline in the Republic of the Congo.

Moscow’s approval of the draft deal was confirmed by a decree dated Sept. 14, which was published on Russia’s government portal late Monday.

The oil pipeline will connect the country’s port city of Pointe-Noire to the settlement of Makoulou Pichot, about 40 kilometers (29 miles) northeast of the capital Brazzaville.

The pipeline will also pass through the town of Loutete, about 155 kilometers (96 miles) west of Brazzaville.

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It instructed Russia’s energy and foreign ministries to hold talks with the Congolese side and sign the document.

The draft agreement said the Russian company Zakneftegazstroy-Prometey and Congo’s National Petroleum Company will be responsible for the implementation of the deal.

It further said both companies must create a joint venture within a month of signing the agreement, in which the Russian side will own 90%, while the Congolese side will own 10%.

The sides must conclude a concession agreement within three months after signing the deal, which will define the technical and economic parameters of the project, it added.

Russia has worked to bolster ties with African countries in recent years.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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