DRC "short-changed" in oil deals
Proposed oil deals between foreign companies and the Democratic Republic of Congo would cut the government's revenues by over 10 billion US dollars, an advocacy organisation claims. London-based group Platform published a report on Wednesday (12 May 2010) criticising leaked confidential contracts for UK oil companies Tullow and Heritage to jointly operate on the DRC side of Lake Albert.
The firms, which already work on three blocks on the Ugandan side of the lake, are competing with the South African-led Divine Inspiration consortium to secure the oil license in the DRC. Platform's report calls for the proposed deals to be reviewed, claiming they guarantee excessive profits for the foreign companies at the expense of some of Africa's poorest people.
Tullow Oil has dismissed the claims.
Source: Panos London
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