Four-party memorandum of cooperation under the Congo pipeline construction project has been signed at the Russia-Africa Summit in Sochi
23 october 2019
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The pipeline will connect the deep-water port of Pointe Noire with the Maloukou terminal and the intermediate terminal in Loutet. The memorandum was signed by REC, VEB.RF, Afreximbank and SNPC (Société Nationale des Pétroles du Congo - National Oil Company of the Congo).
Congo pipeline project will help to solve most of the regional problems in terms of petroleum products supply and will also contribute much to the growth of the economy of some countries experiencing an acute shortage in high-quality and affordable energy sources. Russian companies have accumulated vast experience and technologies in oil pipeline construction projects that are implemented in difficult climatic conditions, and they are glad to share them with African partners
REC’s Senior Vice President
VEB.RF is focused on export support and promotion of Russian goods, works and services in the new markets, including those of Africa. African markets offer plenty of opportunities for trade and economic cooperation and, above all, can promote Russian exports. Afreximbank became the anchor partner for the entire VEB.RF. As the bank’s shareholder, we can reduce risks for Russian companies. When examining the regional projects, we can also rely on the expertise of Afreximbank
Deputy Chairman of VEB.RF
It is noted that the pipeline can be used to transport a wide range of petroleum products, including gasoline, diesel fuel and aviation kerosene. Besides the Republic of Congo, the project will deliver benefits to the Democratic Republic of the Congo and the Central African Republic, positively affecting their economies.
It will take three years to implement one of the largest infrastructure projects in the history of the Congo. The estimated capacity of the pipeline will be 2.1 million tons per year, project life will be at least 40 years.