Russian companies are interested in the development of natural resources deposits in Africa, Russia’s envoy to Africa, Mikhail Margelov, said on Friday.

"Africa is a prospective region for Russian mining companies and Russia can offer technological products in the military, geological exploration and energy spheres. There are also prospects for sales of our metallurgical and machine-building products in Africa," Margelov said at the Russia-Africa business forum.

Russian companies want to develop deposits of rare metals, including cobalt and chromium ores, and uranium fields. The companies are also interested in diamond and platinum metals production in African states.

"Russia’s participation in oil and gas production is important as well since Africa will provide up to one quarter of the world’s oil output soon," he said, adding that Russia faced competition with U.S., EU, Chinese and Indian companies as well as with corporations from the Arabi Peninsula in the region.

"We must use our competitive advantages as we excel competitors under quality-price ratio in some industries. We still have knowledge of prospecting, production and transportation of natural resources, while in the political sphere we are neutral compared with the cold war period," Margelov added.

Source: RIA Novosti – Russia

*********

Check the drop-down menu at the top of this page for related posts.