CORRECT (2/19): New Energy Minister Set To Take Over In Congo - Sources
February 20 2010 - 12:19PM
Dow Jones News
Laurent Muzangisa is set to be replaced by Celestin Mbuyu at the
helm of Congo's Energy ministry, people familiar with the matter
said Friday, a move rekindling hopes that long-stalled foreign
contracts could be finally ratified.
The expected appointment of Mbuyu, a member of the People's
Party for Reconstruction and Democracy, the party of head-of-state
Joseph Kabila, is part of a partial government reshuffle that is
seeing the promotion of his presidential allies.
Mbuyu is a minister of Interior in the ongoing government, but
the Energy ministry is set to play a key role in the coming months
as Congo, whose capital is Kinshasa, vows to develop its oil riches
after years of civil strife.
Recent investments in neighboring Uganda and the Republic of
Congo, whose capital is Brazzaville, show the increased appetite
from oil companies in this part of the world.
But a number of foreign companies, including Dominion Petroleum
Ltd. (DPL.LN), Soco International PLC (SIA.LN) and Tullow Oil PLC
(TLW.LN) are still awaiting the final ratification of licenses in
which they have interests in eastern Congo. The arrival of a new
minister close to Kabila should boost the chances of a swift
ratification, one person said.
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