RT.com
05 Jun 2025, 15:08 GMT+10
The agreement outlines the creation of a joint company, with Moscow holding a controlling stake, a Federation Council official has said
Russian lawmakers have approved an agreement with the Republic of the Congo to cooperate on the construction of an oil pipeline linking the Congolese port city of Pointe-Noire to the interior of the country. The decision was announced on Wednesday by the Russian Federation Council's press service.
The agreement, which outlines the creation of a joint venture, was presented by Andrey Klimov, deputy chair of the Federation Council Committee on Foreign Affairs. Under the terms of the deal, authorized entities from both countries will form a joint company, with a 90% Russian stake.
"This joint venture will sign a contract with a Russian authorized organization for the pipeline's construction. Under a concession agreement, that same organization will also be responsible for securing commercial financing for the joint venture to carry out the pipeline construction," Klimov explained.
According to Valery Andrianov, an associate professor at the Financial University under the Government of the Russian Federation, the project is of strategic importance. He told Izvestia outlet that the pipeline will enable the efficient transport of petroleum products from Pointe-Noire, Congo's main port and economic hub, to fuel-scarce inland areas. He noted that fuel shortages have led to price surges and mounting public dissatisfaction in the African nation.
"Therefore, the construction of a new highway will solve an important socio-economic problem," Izvestia reported, citing Andrianov.
Russian President Vladimir Putin held talks with his Congolese counterpart, Denis Sassou Nguesso, in Moscow last month. The two leaders discussed strengthening cooperation across energy, trade, and infrastructure sectors.
READ MORE: Russia provides mobile lab to African nation
In an earlier interview with the African Initiative news agency, Nguesso said Congo was deepening energy cooperation with Russia and confirmed the pipeline as "a major project."
Get a daily dose of Kenya Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kenya Star.
More InformationSYDNEY, NSW, Australia - A major international operation targeting online sextortion has resulted in the arrest of 22 suspects in Nigeria,...
The agreement outlines the creation of a joint company, with Moscow holding a controlling stake, a Federation Council official has...
The UN says over 70 bodies have been found in Tripoli, including ten charred corpses, at sites operated by a government-linked militia...
New Delhi [India] June 5 (ANI): In their quest to finally break South Africa's ICC trophy drought, South Africa batter Aiden Markram...
New Delhi [India] June 5 (ANI): The Bangladesh Cricket Board (BCB) announced a 16-member squad for the upcoming two-match Test series...
To date, hybrid rice cultivation in Madagascar has reached a cumulative 90,000 hectares, with average yields of 7.5 tons per hectare...
LIMA, Peru: Pope Leo XIV has not forgotten that he is also a Peruvian citizen. On Friday, he updated his national registration information...
PARIS, France: Aircraft delivery delays at Airbus are now expected to stretch into 2028, as the European planemaker continues to grapple...
Moscows forces have taken several pieces of Western-made weaponry in Sumy Region, the Defense Ministry said Russian forces have seized...
The agreement outlines the creation of a joint company, with Moscow holding a controlling stake, a Federation Council official has...
New Delhi [India], June 5 (ANI): External Affairs Minister S. Jaishankar interacted with the All-Party Delegation led by DMK MP Kanimozhi,...
CHENZHOU, June 5 (Xinhua) -- The centuries-old Kunqu Opera has been listed by the United Nations Educational, Scientific and Cultural...
