Equatorial is proud to work in the Republic of Congo (“ROC”), also known as Congo Brazzaville. This peaceful and investment friendly country is a former French colony in Central Africa and one of Africa’s largest oil producers.

Congo Brazzaville recently celebrated 50 years of independence from France and has a stable, single party government led by President Dennis Sassou-Nguesso, re-elected in 2009 for a further 7 year term.

The ROC’s economy is largely dominated by the oil sector which has driven the country’s healthy economic growth in recent years. Congo Brazzaville actively encourages foreign investment and in 2005 adopted a new mining code with favourable terms which include royalties of ~3% and local ownership of 10% at grant of a full mining license.

The ROC’s efforts to reform the economy have been supported by international organizations such as the World Bank and the International Monetary Fund, which approved Heavily Indebted Poor Countries (HIPC) treatment for the ROC  in March 2006. The ROC is a member of the UN, WTO, African Development Bank, African Union, BEAC and the Organizaion for the Harminization of Business Law in Africa (OHADA).

FAST FACTS REPUBLIC OF CONGO

• Population (2009 est.): 3.7 million – 70% of the population living in cities.
• Capital City: Brazzaville
• Currency: Central African Franc CFA (XAF)
• One of Africa’s largest oil producers: Total, Eni and Chevron operating in ROC for ~30 years
• 10th highest GDP growth rate globally in 2009