Russia consents oil pipeline venture in Republic of Congo
(MENAFN) Russian lawmakers have approved an agreement with the Republic of the Congo to construct an oil pipeline from the port city of Pointe-Noire to inland areas of the country. The decision was announced on Wednesday by the Russian Federation Council’s press service.
The deal, presented by Andrey Klimov, deputy chairman of the Foreign Affairs Committee, involves forming a joint venture with a 90% Russian ownership. The venture will negotiate a pipeline contract with a Russian entity, which will also be responsible for securing financing under a concession agreement.
Valery Andrianov, an associate professor at the Financial University under the Russian Government, described the project as strategically important. He explained that it will help efficiently move petroleum products from Pointe-Noire — the country's main port and economic center — to inland regions suffering from persistent fuel shortages. Rising prices and growing dissatisfaction have made this a key priority.
“The pipeline will resolve a significant socio-economic challenge for the country by improving the delivery of petroleum products to areas in need," Andrianov explained in comments to Izvestia.
Russian President Vladimir Putin and his Congolese counterpart, Denis Sassou Nguesso, discussed strengthening cooperation in energy, trade, and infrastructure during their meeting in Moscow last month. Nguesso previously described the pipeline as a “major project” for his country’s future energy development.
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