Sunday, 1 October, 2023

Russia, African nations considering barter trade in energy sector

ST. PETERSBURG: Russia and African countries are considering the possibility of concluding barter transactions in the energy sector, Russian Energy Minister Nikolay Shulginov told TASS on the sidelines of the Russia-Africa summit.

"We are searching for ways, financing mechanisms, we are also considering barter trade," he said.

Shulginov said in an interview with TASS earlier that Russian companies are actively involved in searching for promising projects in Africa, adding that Moscow is discussing more than 30 new joint projects in the area of oil and gas, as well as power, in 16 African countries, reports TASS.

The second Russia-Africa summit is running at St. Petersburg's Expoforum convention center on July 27-28. An economic and humanitarian forum is running in parallel to the event. Like the previous summit, this one is held under the motto 'For Peace, Security, and Development'.

The Roscongress Foundation is the summit's organizer while TASS is its photo hosting agency and media partner. TASS is also holding the second Russia-Africa Media Forum.