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Oil Report

Gazprom keen on Africa assets

CAPE TOWN, Nov 1 (Reuters) - Russia's Gazprom GAZP.MM wants to pursue acquisitions in Africa and will focus on partnerships with state-run enterprises and other firms, an official with the gas export monopoly said on Thursday.

“Africa is definitely on Gazprom’s international expansion path,” said Christophe Gerard, a business development executive in Gazprom’s Netherlands unit. “We are ready to acquire assets.” “We have the money to do it,” he told the Africa Upstream 2007 oil conference.

Russia, which had strong economic ties with Angola, Mozambique and other client states during the Cold War, is keen to rekindle relationships in Africa and not fall behind China, India and others in the race for the continent’s resources.

Gazprom already has a relationship with Angolan state-run oil firm Sonangol and is looking for similar parterships in the oil-rich Gulf of Guinea, a region shared by Nigeria, Cameroon and several other African nations.

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