Russia ramping up energy exports to Africa – Putin

Russian companies have been boosting energy deliveries to Africa and developing logistics and financial infrastructure for those supplies, President Vladimir Putin said on Thursday, addressing a plenary session of the Russia-Africa summit.

Moscow has in the past two years increased its exports of oil, petroleum products and Liquefied Natural Gas (LNG) to African countries by a factor of 2.6, the president stated. Supplies of oil products soared threefold in the first five months of this year to eight million tons.

Russian Deputy Prime Minister Aleksandr Novak noted earlier that, in 2022, the country’s overall exports of oil to ‘friendly’ states had grown by 76% in annual terms, and those of petroleum products by 20%. He also added that, all told, almost 40 million tons of oil and petroleum products were redirected from western to eastern markets last year.

The second Russia-Africa summit is taking place in the Russian city of St. Petersburg on July 27-28, with an economic and humanitarian forum to be held concurrently.

For more stories on economy & finance visit RT's business section