L. Fituni, I. Abramova Resource Potential of Africa and Russia's ...
L. Fituni, I. Abramova Resource Potential of Africa and Russia's ...
L. Fituni, I. Abramova Resource Potential of Africa and Russia's ...
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<strong>and</strong> raw material resources. Soviet experts had conducted geological<br />
surveys <strong>and</strong> prospecting work over a territory <strong>of</strong> 30,000 square<br />
kilometers, hydrogeological research in the country ’ s north, discovered<br />
deposits <strong>of</strong> manganese <strong>and</strong> iron ore <strong>and</strong> gold placers. Carbonate<br />
deposits had been found in a number <strong>of</strong> regions, which are the initial<br />
raw materials for the production <strong>of</strong> Portl<strong>and</strong> cement. Several bauxite<br />
deposits had also been discovered.<br />
In December 2010, LUKoil, <strong>Russia's</strong> largest independent oil<br />
producer, has held top-level meetings with representatives from<br />
three West <strong>Africa</strong>n states, as a part <strong>of</strong> a $9 billion overseas investment<br />
program. The president <strong>of</strong> LUKoil Overseas, Andrei<br />
Kuzyayev, met Ghana's energy minister, Joe Oteng Adjei, for discussions<br />
about the expansion <strong>of</strong> the company in Ghana, including<br />
the development <strong>of</strong> new projects. After leaving Ghana, Kuzyayev<br />
held talks in the capital <strong>of</strong> Sierra Leone, Freetown, <strong>and</strong> LUKoil<br />
Overseas senior vice president Dmitry Timoshenko visited Liberia's<br />
capital <strong>of</strong> Monrovia. 55<br />
An overseas investment program <strong>of</strong> LUKoil envisages investing<br />
$3 billion each year in projects outside Russia from 2011 through<br />
2013. <strong>Africa</strong> is believed to occupy a significant place in these investments.<br />
As a private oil company competing against state-run<br />
monoliths, LUKoil has limited access to new Russian resources <strong>and</strong><br />
is therefore forced to diversify abroad in order to spread the risks <strong>of</strong><br />
working in Russia. In partnership with the U.S. company Vanco Energy,<br />
LUKoil is currently working on two projects in the Gulf <strong>of</strong><br />
Guinea – the Cape Three Points Deep Water block in Ghana <strong>and</strong><br />
CI-401 in Ivory Coast waters. The blocks are a part <strong>of</strong> the Tano oil<strong>and</strong>-gas<br />
basin <strong>and</strong> cover some 15,000 square kilometers <strong>of</strong> deep water.<br />
LUKoil is eyeing Sierra Leone <strong>and</strong> Liberia, which have significant,<br />
largely untapped <strong>of</strong>fshore oil reserves. LUKoil's potential resources<br />
in the area currently consist <strong>of</strong> up to 35 million barrels. The<br />
company said in September 2009, that it might have more petroleum<br />
in West <strong>Africa</strong> than in West Siberia. Moreover, LUKoil's drilling<br />
experience in the deep West <strong>Africa</strong>n waters is unique. Acquiring<br />
expertise in working on continental shelves at any depth may be a<br />
way <strong>of</strong> gaining the edge in domestic Russian competition for new<br />
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