Russia Looks to Africa to Boost Exports

Mineweb reported that Russia is planning oil and platinum projects in Africa to strengthen sales, including of arms, for businesses adversely affected by Western sanctions over the Ukraine conflict.

As quoted in the market news,

Lower commodity prices mean non-government Russian investors in Africa in the early 2000s have mostly pulled out, but Rostec says it is on track to build a $4-billion oil refinery in Uganda and a $3-billion platinum project in Zimbabwe.

The conglomerate, which controls hundreds of firms ranging from arms exporter Rosoboronexport to the world’s top titanium producer VSMPO-Avisma, sees the projects as a door-opener in Africa, particularly to its fast-growing arms market.

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