The Delaware-based investment group targets upstream assets, terminals, storage, pipelines and oilfield logistics. Funding may range from senior secured and project finance facilities to co-investments and equity-linked instruments. Avocom is exclusive international legal counsel
CITIC Holding IF Group has launched a strategic investment programme of at least $350 million in the Republic of Congo, targeting a portfolio of energy and hydrocarbons infrastructure projects rather than a single asset. The initiative covers five main investment verticals: upstream oil and gas infrastructure, petroleum terminals and export facilities, strategic storage, pipelines and transportation systems, and oilfield services and industrial logistics (see here the press release).
The programme is designed as a multi-transaction financing platform, with the initial $350 million representing a minimum capital envelope that could be expanded as additional projects enter the pipeline and receive internal approval. The capital will therefore not necessarily be deployed immediately or evenly across the five sectors. CITIC intends instead to select individual projects on the basis of technical feasibility, legal certainty, commercial viability and, above all, bankability.
This distinction is significant. The announcement does not represent a $350 million unconditional lending commitment to the Congolese government or to already identified sponsors. No individual project, borrower or concession has yet been disclosed. Each transaction will remain subject to technical, financial, legal, regulatory, ESG and compliance due diligence, CITIC’s internal approvals, applicable government authorisations and the execution of definitive financing documentation. Depending on the economics and risk profile of each asset, CITIC may deploy senior secured loans, project finance facilities, construction-to-term facilities, acquisition or expansion financing and structured working-capital lines, as well as co-investment structures and, where appropriate, equity-linked or convertible instruments.
The first implementation phase is expected to focus on a limited number of transactions capable of moving relatively quickly into substantive review. CITIC may engage with existing oil and gas operators, developers, concession holders, terminal and storage operators, logistics companies, public-sector stakeholders and financial institutions. Projects with existing concessions or operating rights, advanced permitting, identifiable revenue contracts and experienced technical sponsors may receive priority.
Avocom Law Firm has been appointed exclusive international legal counsel to CITIC for the programme, with a mandate extending from initial project screening to due diligence, structuring, negotiation, closing and post-closing governance. The international legal workstream will be coordinated by Francesco del Bene, managing partner of Avocom, who said: “Africa continues to represent one of the most dynamic regions for international investment. We are honoured to support CITIC in this important initiative and to contribute our legal, transactional and regulatory expertise to projects that have the potential to generate significant economic and social value for the Republic of Congo”,” del Bene said.”.
The programme comes during a renewed investment cycle in the Republic of Congo’s hydrocarbons industry. Stev Simplice Onanga, appointed Hydrocarbons Minister on 24 April, has made the recovery of oil production, gas development, tighter control over petroleum costs and stronger local content central elements of his policy agenda (see here Agence Congolaise d’information). Moreover at the end of August Mr. Onaga said that Congolese authorities aim to accelerate investment by Chinese companies in the oil sector in order to boost national production and strengthen the economic benefits of cooperation between Brazzaville and Beijing. “Bilateral cooperation between Congo and China has taken on a new dimension with the presence of Chinese companies in the country. Production resulting from their activities is now making a significant contribution to economic relations between the two nations,” he declared before the Senate during the adoption of four bills approving amendments to production-sharing agreements”, the Minister said (see here Agence Congolaise d’information).
One of the most visible developments is Italian energy giant ENI’s Congo LNG project. Phase 2 entered commercial production this year, with the first LNG cargo from the Nguya FLNG facility shipped in February. The second phase brought total liquefaction capacity to 3 million tonnes per annum, equivalent to 4.5 billion cubic metres of gas per year, based on resources from the Nené and Litchendjili fields in the offshore Marine XII licence (see here ENI’s press release).
TotalEnergies has also added momentum to the upstream market in Congo. In April the French major announced a new hydrocarbon discovery on the offshore Moho licence. Together with the nearby Moho F discovery, the resources are estimated at close to 100 million recoverable barrels, with development planned through a tie-back to existing Moho facilities (see here TotalEnergies’ press release).
This backdrop helps explain why CITIC’s programme places particular emphasis on brownfield expansions and infrastructure linked to existing production. Such projects can offer a verified operating history and more measurable incremental cash flows than greenfield developments, while terminals, storage and transport infrastructure can benefit from increasing production and export volumes.
CITIC Holding IF Group is an independent investment company headquartered in Delaware and focused on infrastructure, energy, industrial development, structured finance and strategic investments. The Congo programme follows a series of infrastructure and structured-finance initiatives already covered by BeBeez International. Last June, CITIC launched a $450 million financial platform linked to Saudi Vision 2030 projects in Riyadh, structured through a $300 million Sukuk Istisna’a tranche and a $150 million subordinated mezzanine facility (see a previous BeBeez International article).
Earlier in 2026, CITIC also entered the financing structure of the $500 million Amiral Industrial Wastewater Treatment & Reuse Project at Jubail Industrial City 2 in Saudi Arabia through a senior secured participation in the existing non-recourse project financing. Avocom advised CITIC on that transaction as well (see a previous BeBeez International article).
Africa is also not new territory for the group. In August 2025 CITIC announced a $1.8 billion co-financing commitment for the proposed 972-km railway linking Gabon’s Bélinga mining region with the planned deep-water port at Mayumba, part of a project then estimated to require more than $10 billion overall (see a previous BeBeez International article).
“The Republic of Congo is emerging as one of the most attractive energy investment destinations in Africa. The combination of resource potential, institutional commitment and increasing international interest creates a unique environment for long-term investment. CITIC intends to play an active role in supporting projects that strengthen the country’s energy infrastructure and contribute to sustainable economic growth,” said Thomas J. Rutherford III, ceo of CITIC Holding IF Group.
Frederick M. Howard, executive director of CITIC Holding IF Group, added: “We believe that the current development cycle of Congo’s hydrocarbons sector presents significant opportunities for responsible investors with the financial capacity and international expertise necessary to support large-scale projects. Our objective is to establish long-term partnerships capable of delivering tangible benefits to both investors and local stakeholders.”
