Russian govt submits agreement on Congo oil product pipeline to Duma for ratification

MOSCOW. March 21 (Interfax) - The Russian government has submitted an intergovernmental agreement with the Republic of the Congo on cooperation on the construction of the Pointe-Noire - Loutete - Moluko - Tresho oil product pipeline in the African country to the State Duma for ratification.

The agreement (No. 870793-8), which was signed in Moscow on September 28, 2024, has been posted in the lower house of parliament's document database.

Under the agreement, the authorized organizations responsible for the implementation of the project are Zakneftegazstroy-Prometei LLC and the National Petroleum Company of Congo (SNPC), which is the client of the project. They will form a joint venture to carry out the project in which the Russian side will own a 90% stake and the Congolese side will hold 10%.

A build-own-operate-transfer concession agreement will be signed with the joint venture to build and operate the pipeline for 25 years, with a guaranteed price for transport that will ensure the utilization of the pipeline and a return on investment in the project.

The Russian ambassador to Congo, Georgy Chepik said earlier that the pipeline will run between the country's two largest cities, Pointe-Noire and the capital Brazzaville.

The agreement specifies that dispute resolution will take place in Dubai (UAE), the Dubai International Arbitration Center (UAE) or an ad hoc arbitration court under the center's administration, whichever the Russian side chooses.

The Unified State Register of Legal Entities shows that Zakneftegazstroy-Prometei is owned by Alexander Ilyin.