Gabon has signed $4.5-billion worth of deals with companies from India and Singapore in a bid to revamp infrastructure and diversify the economy in the face of dwindling oil reserves.

A statement from the president's office said the projects would include an upgrade of 1,000 km of roads, developing timber and palm oil processing and building 5,000 low cost houses.

The projects are expected to begin within a few months.

The government, which took office last year, has vowed to modernise and diversify the economy by broadening its strategic partnerships. The central African country plans to invest billions of dollars to turn into a regional hub for industry, services and emerging environmental business sectors before the oil runs dry.

Gabon once produced around 350,000 barrels of oil per day, but output is down to around 240,000 barrels, and the industry is under pressure to make new finds in the coming years.

Source: Reuters