By: Energy capital & power

The Congo-Ocean Railway (CFCO) and Turkish firm Ulsan have signed a €737 million agreement for the rehabilitation and modernization of the railway line between Mayoko and Pointe-Noire, the Republic of Congo.

The deal aims to facilitate the transport of iron ore extracted from the Mayoko-Moussondji deposit in the Niari department to the Pointe-Noire Special Economic Zone. The agreement was signed by Ignace N’Ganga, Director General, CFCO and Vakkas Karaoğlu, CEO, Mayoko-Moussondji Iron Exploitation Company.

“We are honored to contribute to Congo’s industrialization vision. These initiatives will deliver long-term benefits to the population and the national economy,” stated Bocar Maïga, Country Manager, Ulsan.

As part of the project, Ulsan has committed to acquiring new rolling stock, including around 20 locomotives and over 300 wagons, to ensure efficient operation of the upgraded railway.

In the medium term, Ulsan also plans to build a foundry in Pointe-Noire, with a projected investment of $2 billion. The facility will process iron ore locally, reducing raw material exports and adding value to the national economy.