Republic of Congo hails its admission into Opec
Communications minister Thierry Moungalla says being a member of the producer cartel will present the country with the opportunity to liberalise its oil industry
Douala — The Republic of Congo’s admission into Opec presents an opportunity to liberalise the country’s oil industry and signals a reorientation of its diplomatic relations in the Middle East, communications minister Thierry Moungalla said. The announcement on Friday that it joined the cartel bolsters plans by sub-Saharan Africa’s fourth-biggest crude-reserves holder to increase production by at least a fifth to 350,000 barrels a day. The Central African nation’s government derived most of its revenue from the oil industry, which had been dominated by France’s Total and Eni of Italy, Moungalla said. "They have been controlling the oil sector in our country for way too long and this admission will help us to better liberalise the sector and bring in new players willing to invest even in marginal fields," he said by phone on Saturday from the capital, Brazzaville. "Eni and Total are and will remain our historic partners, make no mistake, but with Opec, the doors are now open for new ...
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