/ 9 March 1999

CONGO TO MARKET OIL

CONGO-BRAZZAVILLE’S National Petroleum Company, set up to market the country’s crude oil, was launched at the weekend. Endowed with a capital of 900 million CFA francs, the company has signed an assistance agreement with its sister branch, SNPC UK, to sell Congo’s crude oil, provide services and develop its relations with banks and other financial institutions in the UK. The company will take over the research and exploration activities of the Congolese Hydrocarbon Company, HydroCongo, which intends privatising its distribution and marketing sections soon. Congo is the fourth largest oil-producing country in sub-Sahara Africa after Nigeria, Angola and Gabon.