Exclusive-Canadian winner of gas rights on Congo's 'killer' Lake Kivu failed criteria

- A Canadian start-up run from a private home was chosen by Democratic Republic of Congo for a technically complex project to extract methane from the deep waters of a volatile lake, despite the company not meeting the tender's financial criteria, documents seen by Reuters show.

Canada-based Alfajiri Energy Corporation was included in the auction although an evaluation report produced by a government-appointed commission in October 2022 found the company did not meet minimum financial requirements. "The process was very transparent and it will remain so. I will make sure of it," he said in an earlier text message exchange.

The hydrocarbons ministry's call for expressions of interest in the project spelt out a clear stipulation, only companies with three years of financial records would be considered suitable, a requirement that reflected a clause in Congo's new oil and gas regulations. "The rule is clear. A company applying for pre-selection must provide proof of its accounts and balance sheets for the past three years," he said. He declined to comment on the merits of individual companies.

Alfajiri's Hamuli did not directly address questions about the lack of required financial records in Alfajiri's bid. Alfajiri has"highly qualified and experienced professionals with integrity capable of developing the project in a secureThe ministry has not announced the size of the investment in the blocks, how the project will be financed, or production goals.Lake Kivu lies in the Rift Valley on Congo's eastern border with Rwanda.

Of that score, it received just two of a possible 30 points in the financial portion of the assessment and 28.7 out of 70 points in the technical portion.

Source: Law Daily Report (lawdailyreport.net)

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