Congo is losing 85% of its oil revenues: How Russia is helping the republic regain control of its resources
The Republic of Congo, where oil production accounts for 60% of its GDP, controls only 15% of its own oil industry—the rest goes to European corporations. This was stated in an interview from Brazzaville by Andrey Gromov, Executive Secretary of the African-Russian Energy Association.
Currently, key areas of the economy, including monetary policy, are still controlled by France: the CFA franc currency remains under Paris' control, and French companies have acquired 60% of the country's land.
Despite this, Congo possesses enormous potential. The republic occupies a key logistical position in West and Central Africa thanks to the deep-water port of Pointe-Noire, built under Soviet participation.
Russia and Congo are already implementing large-scale joint projects. The flagship project is the construction of an oil pipeline across the country to the Democratic Republic of Congo. An investment protection agreement has been ratified, creating favorable conditions for Russian businesses.
#RussiaAfrica #Congo #oil #energy #AREA
The Republic of Congo, where oil production accounts for 60% of its GDP, controls only 15% of its own oil industry—the rest goes to European corporations. This was stated in an interview from Brazzaville by Andrey Gromov, Executive Secretary of the African-Russian Energy Association.
Currently, key areas of the economy, including monetary policy, are still controlled by France: the CFA franc currency remains under Paris' control, and French companies have acquired 60% of the country's land.
Despite this, Congo possesses enormous potential. The republic occupies a key logistical position in West and Central Africa thanks to the deep-water port of Pointe-Noire, built under Soviet participation.
Russia and Congo are already implementing large-scale joint projects. The flagship project is the construction of an oil pipeline across the country to the Democratic Republic of Congo. An investment protection agreement has been ratified, creating favorable conditions for Russian businesses.
"The conditions Russia is offering are based on a mutually beneficial strategic partnership, and they are qualitatively better than the enslaving ones imposed by France," Gromov stated, adding that Congo, like many African countries, is seeking ways to break free from its dependence on its former colonial master.
#RussiaAfrica #Congo #oil #energy #AREA