Russia agrees to construct fuel pipeline in Democratic Republic of Congo
Date
9/22/2024 3:25:57 AM
(MENAFN) Russia has agreed to construct a fuel pipeline in the Democratic Republic of Congo, marking its latest investment in African infrastructure. The pipeline will transport refined petroleum products between the country's two largest cities, Pointe-Noire and Brazzaville, addressing Congo's long-standing fuel shortages.
The project, approved by Russian officials on Tuesday, will be a joint venture between Russia's ZNGS Prometey, which will own a 90% stake, and the Congolese National Petroleum Company, which will hold the remaining 10%. Despite Congo's wealth in oil reserves, with petroleum making up over 70% of its exports, much of its crude oil is sent abroad for refining, making the country reliant on external markets and leading to domestic fuel supply challenges.
Once completed, the pipeline will ensure that fuel can be efficiently transported from coastal refineries to inland regions, particularly addressing the fuel shortages that have plagued Congo's interior areas. This new infrastructure aims to stabilize fuel supply in regions that have historically faced the most severe shortages.
The decision to construct the pipeline was made during the 6th meeting of the Intergovernmental Economic and Trade Commission in September 2022, where Russia and the Democratic Republic of Congo signed an intergovernmental agreement. The project is expected to be fully operational by 2026 and will run for a minimum of 25 years, according to reports.
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