The agreement outlines the creation of a joint company, with Moscow holding a controlling stake, a Federation Council official has said

Russian lawmakers have approved an agreement with the Republic of the Congo to cooperate on the construction of an oil pipeline linking the Congolese port city of Pointe-Noire to the interior of the country. The decision was announced on Wednesday by the Russian Federation Council's press service.

The agreement, which outlines the creation of a joint venture, was presented by Andrey Klimov, deputy chair of the Federation Council Committee on Foreign Affairs. Under the terms of the deal, authorized entities from both countries will form a joint company, with a 90% Russian stake. 

"This joint venture will sign a contract with a Russian authorized organization for the pipeline's construction. Under a concession agreement, that same organization will also be responsible for securing commercial financing for the joint venture to carry out the pipeline construction," Klimov explained.

According to Valery Andrianov, an associate professor at the Financial University under the Government of the Russian Federation, the project is of strategic importance. He told Izvestia outlet that the pipeline will enable the efficient transport of petroleum products from Pointe-Noire, Congo's main port and economic hub, to fuel-scarce inland areas. He noted that fuel shortages have led to price surges and mounting public dissatisfaction in the African nation.

"Therefore, the construction of a new highway will solve an important socio-economic problem," Izvestia reported, citing Andrianov.

Russian President Vladimir Putin held talks with his Congolese counterpart, Denis Sassou Nguesso, in Moscow last month. The two leaders discussed strengthening cooperation across energy, trade, and infrastructure sectors.

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In an earlier interview with the African Initiative news agency, Nguesso said Congo was deepening energy cooperation with Russia and confirmed the pipeline as "a major project."