April 11, 2010
By Jean-Jacques Cornish
SOUTH African oil companies will get a piece of the Republic of Congo’s rich oil reserves. The president of
Congo-Brazzaville, Denis Sassou-Nguesso, made this announcement in Pretoria last week.
He also used the joint press conference with his South African counterpart, Jacob Zuma, to put in a plug for South African farmers to break soil in his country.
"We have opened up the market to South African companies to get oil permits and come and operate in Congo," Nguesso said.
Equatorial Guinea has eclipsed Congo as Africa's biggest oil exporter after Nigeria, Angola and Gabon.
It has proven reserves of 2 billion barrels, about 0.15 percent of the world's reserves. It also has the fourth-largest proven reserves of natural gas in sub-Saharan Africa.
Congo exports 222 000 barrels of oil a day, according to statistics from major oil producers.
Oil and oil-related products dominate the country's industrial sector.
Oil provides Congo with 90 percent of its export earnings. It comprises most of the country's revenues and exports - 67 percent of its gross domestic product.
Annually, oil revenues make up between 60 percent and 80 percent of Congo's government budget. Oil is badly linked to the rest of Congo's economy, mostly comprising village agriculture and the urban informal sector.
The Congo leader said his country presented "immense possibilities for agricultural development".
"Today we exploit only 2 percent of our available agricultural land.
"So the land is available and we have lots of water. We can build irrigation programmes and there is more than enough sunshine."
Source: http://www.busrep.co.za/index.php?fArticleId=5423818&fSectionId=552&fSetId=662
By Jean-Jacques Cornish
SOUTH African oil companies will get a piece of the Republic of Congo’s rich oil reserves. The president of
Congo-Brazzaville, Denis Sassou-Nguesso, made this announcement in Pretoria last week.
He also used the joint press conference with his South African counterpart, Jacob Zuma, to put in a plug for South African farmers to break soil in his country.
"We have opened up the market to South African companies to get oil permits and come and operate in Congo," Nguesso said.
Equatorial Guinea has eclipsed Congo as Africa's biggest oil exporter after Nigeria, Angola and Gabon.
It has proven reserves of 2 billion barrels, about 0.15 percent of the world's reserves. It also has the fourth-largest proven reserves of natural gas in sub-Saharan Africa.
Congo exports 222 000 barrels of oil a day, according to statistics from major oil producers.
Oil and oil-related products dominate the country's industrial sector.
Oil provides Congo with 90 percent of its export earnings. It comprises most of the country's revenues and exports - 67 percent of its gross domestic product.
Annually, oil revenues make up between 60 percent and 80 percent of Congo's government budget. Oil is badly linked to the rest of Congo's economy, mostly comprising village agriculture and the urban informal sector.
The Congo leader said his country presented "immense possibilities for agricultural development".
"Today we exploit only 2 percent of our available agricultural land.
"So the land is available and we have lots of water. We can build irrigation programmes and there is more than enough sunshine."
Source: http://www.busrep.co.za/index.php?fArticleId=5423818&fSectionId=552&fSetId=662
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