TUESDAY, 11.00AM:
THE Republic of Congo is planning to privatise 105 firms as part of a post-war economic reconstruction strategy which has the backing of the International Monetary Fund.
Congo’s privatisation plans, dating back to 1995, and loan talks with the IMF, were broken off when the civil war erupted in June last year. Last week, however, the IMF approved an emergency $10-million loan, the terms on which include the privatisation of strategic public services by December 31.
The privatisation strategy, which dates back to 1995, includes plans to sell shares in oil company Hydro-Congo and Congo Refiners to Shell, Total and Elf; splitting up both the National Posts and Telecommunications Office and transport company Transcongolese Communications Agency, and selling them off as separate arms; as well as privatising national water and electricity suppliers.
Meanwhile, United States-based oil company Exxon on Monday announced that two of its affiliates have acquired 30% of the rights to two offshore oilfields in Congo. Each field covers around 5058km. The acquisition boosts Exxon’s deepwater blocks off the Congolese coast to five.