Russia, Chad discuss economic cooperation
Russian Ambassador to Chad Vladimir Sokolenko announced that Chad and Russia are discussing the possible creation of a bilateral intergovernmental commission on economic cooperation to stimulate business and investment.
Russia's Ambassador to Chad, Vladimir Sokolenko, announced that Moscow and N'Djamena are discussing the formation of a bilateral intergovernmental commission on economic cooperation to stimulate business and investment.
"Currently, joint work is underway to identify priority areas for cooperation and increase the level of mutual awareness of the opportunities for participation in specific business projects and investment programs. The idea of creating a bilateral intergovernmental commission on economic cooperation is being discussed to dynamize bilateral interaction, and stimulate business and investors," Sokolenko said.
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The ambassador added that Russian companies have opportunities to participate in the development of deposits and mining in Chad, which is rich in gold, diamonds, uranium, rare metals, oil, and natural gas.
"Russian specialists are required in the field of geological exploration, the drilling of wells, the creation of irrigation systems, and energy facilities. Russian pharmaceutical products, antiviral vaccines, and medical equipment are also in demand," Sokolenko said.
According to the Russian diplomat, Moscow and N'Djamena expressed mutual interest in strengthening bilateral ties, increasing the volume of trade and economic cooperation, and improving the efficiency of investment partnerships.
Development of oil production in Chad
Chad's projected oil reserves are estimated to be 1 billion metric tons, making the country's oil production development a promising investment area for Russian companies, according to Sokolenko.
"The development of oil production in Chad is a promising area of investment for Russian companies. The proven oil reserves in Chad amount to 274 million tons, while the projected ones are estimated at 1 billion tons. The country's government is continuing its policy of open doors for specialized foreign economic operators, including from Russia," he said.
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Oil production accounts for 70% of Chad's budget, according to the ambassador. The diplomat told Sputnik that Chadian oil industry representatives planned to attend the second Russia-Africa Summit, which will be held in St. Petersburg in July this year.