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Congo Lost $617 Million Dispute Before Approving Oil Deal
KINSHASA (Capital Markets in Africa) – An international court ordered the Democratic Republic of Congo to pay DIG Oil Ltd. of South Africa $617 million for failing to honor two oil contracts, weeks before outgoing President Joseph Kabila finally approved one of the deals. The previously undisclosed ruling is the latest twist in an 11-year dispute over concessions in the central African nation, which may hold as much as 6 percent of the continent’s oil reserves. Kabila’s belated assent…
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