Congo Republic Seeks Debt Deal With Glencore, Trafigura Before IMF Review

Congo Republic aims to reach a deal with energy traders Glencore and Trafigura to restructure a $1.7 billion debt before a meeting with the International Monetary Fund (IMF) in April, the head of the national oil company, told Reuters. Maixent Raoul Ominga, director general of state-owned SNPC, said lawyers for Congo Republic were working with representatives of Glencore and Trafigura to get all the parties talking, Reuters reported. Glencore and Trafigura declined to comment. “The government’s objective is to have an agreement with them before the next IMF review in April,” Ominga told Reuters in Paris, in the first public comments by a Congolese official on the efforts to get agreement. Sources told Reuters in January talks between Congo Republic and the Swiss energy traders had broken down after the firms rejected a haircut on the debt. Read more

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