Russian Ambassador Calls Development Of Oil Production In Chad Promising For Russian Firms

MOSCOW (UrduPoint News / Sputnik - 11th February, 2023) The projected oil reserves in Chad are estimated at 1 billion tonnes, which makes the development of oil production in the country a promising investment area for Russian companies, Russian Ambassador to Chad Vladimir Sokolenko told Sputnik.

"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 tonnes, while the projected ones are estimated at 1 billion tonnes.

The country's government continues the policy of open doors for specialized foreign economic operators, including from Russia," Sokolenko said.

Oil production brings 70% of the funds to Chad's budget, the ambassador added. Oil is also the main item of Chadian exports, as it accounts for 90% of the country's total exports, according to Sokolenko.

The diplomat told Sputnik that representatives of the oil industry of Chad were planning to take part in the second Russia-Africa Summit.