Russia has been scrambling to compete with the US and Western European expansions into Africa, especially into West Africa, as the nations prepare to lock down resources in anticipation of a major global conflict. The Chinese have generally been exploiting already existing resources created by the Europeans centuries ago and the Russians are just trying to keep up, as they have many issues at home, and Africa is seen according to traditional Soviet strategy as a place less to exploit and more to interfere with American or Western geopolitical operations. Noting these patterns, it is of interest that the Russians are now entering into the framework of West Africa with promises of billions of dollars in ‘aid’ over the next decade.
As part of a new development strategy, Lukoil plans to invest more than US$100 billion in various projects, primarily in Russia, Vagit Alekperov, the chief executive of Russia’s second-largest oil producer, told President Vladimir Putin during a meeting on Tuesday.
Lukoil is preparing a new strategy and will start actively working in the Baltic shelf, Alekperov told Putin in a meeting to discuss the company’s 2019 performance and plans for the future.
Outside Russia, the privately owned Russian oil producer sees development and investment opportunities in West Africa, which is one of the most promising markets, Alekperov said.
Lukoil is already present in three countries in West Africa, while another four countries in the region offer the Russian company joint development work, the manager told Putin.
Russian oil companies are encouraged to work in West Africa after a Russia-Africa summit which Putin hosted in October.
Lukoil is looking at joint oil and gas opportunities with Saudi Aramco in Africa, Alekperov said at the Russia-Africa forum in October. Lukoil and the Saudi oil giant are in good relations and constantly exploring joint opportunities in third countries, including in Africa, the Russian manager said.
Now Russian companies, including Lukoil, are looking for deals in West Africa. (source)