$5 Billion has been committed by the African Petroleum Producers Organization for the Establishment of the African Energy Bank

By Abdul Rahman Bangura-

Great Africa Map
Photo Credit: Creazille

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Intending for of advancing oil and gas projects across oil-producing member nations, Dr. Omar Ibrahim – Secretary General of APPO disclosed in alliance with Afreximbank in a press conference carried on the sidelines of the 24th World Petroleum Congress in Calgary Canada that the creation of the bank is planned to address the common allotment problems confronted in oil and gas happenings.

Expressly, the AEB strives to correlate the economic fissure left by the Western financiers who have decreased their aid for the industry, especially in Africa, he clarified.

Dr. Ibrahim stated, that the bank will assist investors who believe that Africa 3 must harness all available energy embryos to fight widespread poverty on the mainland. He further noted that the AEB will explore energy possibilities.

In response to the technology and expertise challenge, Dr. Ibrahim disclosed that a team from the APPO Secretariat performed an appraisal tour of research, development, innovation, and training institutions for training oil and gas technicians and middle-level personnel. He correspondingly disclosed that for highly specialized sectors. Regional centers of excellence will be inaugurated with specialized industry.

“We concluded that given the huge financial requirements for establishing high-class oil and gas research and training institutions, APPO member countries need not all establish these institutions.

“Instead, each country can establish institutions for training oil and gas technicians as well as middle-level personnel.

“For the highly skilled sectors, we plan to have regional centers of excellence in the various sectors of the industry.

“In this regard, Sonatrach, the National Oil Company of Algeria hosted the inaugural meeting of Directors of Oil and Gas Research and Training Institutions last June, in Bourmedes, Algeria.”

In his words, “In pursuing this objective, we believe that partnership with players from the technologically advanced countries will be fruitful.

“The oil and gas industry in Canada is one place that we believe we can come for technological support.

“Partnership is critical to our success and we are prepared to partner with all like-minded institutions to pursue our objectives.”

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent