African Energy Chamber (AEC) inferred proposals to host the ‘Invest in African Energy’ summit, to…Energy Partnership between African Energy Policymakers and Corporations and Investors in the Middle East
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The occasion is recorded to hold on March 30th, 2023, in Dubai United Arab Emirates (UAE). This would serve as a force to unify African and Middle Eastern energy stakeholders and policymakers by talking over investment chances and the prospect of African energy.
The AEC, being the mouthpiece of the African energy sector, in alliance with global energy market research and intelligence company S&P will host the Dubai edition to showcase investment and partnership alternatives across Africa’s energy sector.
“Following successful Invest in African Energy receptions held across Europe in London (UK), Oslo (Norway) and Frankfurt (Germany) in 2023, the Dubai edition aims to enhance energy cooperation between African energy policymakers and stakeholders with the UAE and companies and investors in the Middle East.” The Chamber stated in an updated program.
The organizers similarly remarked through high-level committee dialogues and conferences, exclusive networking and deal signings, the Invest in African Energy Dubai event will unfold a fresh term of energy sector improvement for Africa via optimal cooperation on investment and industry know-how between the UAE and African stakeholders.
According to AEC, with Africa maximizing the growth and exploitation of its approximate 125.3 billion barrels (bp)of crude oil and 620 trillion cubic feet of gas stocks to address energy poverty and drive socioeconomic development, UAE, as one of the world’s largest hydrocarbon producers and investors, represents an ideal partner for the continent to maximize industry growth.
These encompass the Abu Dhabi National Oil Company (ADNOC), Petrofac and the Emirates National Oil Company Group (ENOC), have flirted a significant function in steadying Africa’s universal oil and gas value chain.
ADNOC, for example, is strengthening Africa’s downstream policies with the current blastoff of supertankers to increase Angola and the Democratic Republic of Congo’s fuel storage capacities, it noted.
The firm has also recently acquired a 50% stake in TotalEnergies’ retail enterprise in Egypt while ENOC is building petroleum receiving and storage infrastructures for Tanzania to position the country as a petroleum hub for the East and Central Africa region. “Petrofac is also conducting extensive works for Tullow Oil within Mauritania’s Banda and Tiof Fields while a wide range of UAE investments have driven African upstream activities.”
It further explained that Africa has vast opportunities for Middle Eastern firms that are seeking expansion across the continent’s booming oil and gas industry. The AEC also noted: “The Invest in African Energy Dubai Reception will showcase these opportunities, maximize existing partnerships while paving the way for new collaborations to enhance Africa’s oil and gas exploration, production, exploitation and monetization capabilities.” Meanwhile, the AEC has disclosed the lack of adequate funding and infrastructure is the biggest constraint Africa’s hydrocarbons industry is currently facing.
The Chamber stated: “Middle Eastern investments in African oil and gas projects are significant in helping the continent address its growing energy needs.
“On the renewables front, Middle Eastern private and public sector institutions are also in the forefront of driving investments and project implementation across Africa.”
It said companies, such as AMEA Power, Masdar, the Abu Dhabi Fund for Development and the International Renewable Energy Agency, continue to play a leading role in accelerating the penetration of solar energy, wind energy and green hydrogen across Africa.
The Invest in African Energy Dubai event represents the best platform where Africa’s renewables potential is highlighted, discussed and investment and partnership deals negotiated and signed, said the organizers.
The AEC as well said: “With Africa seeking to maximize its entire energy base to achieve a just and inclusive energy transition, Dubai is the best place for African countries to learn best practices to do so.
“The African Energy Chamber is honored to expand the Invest in African Energy 2023 event to Dubai.”
The event organizers asserted that “we believe Africa has a lot to learn from Dubai regarding how best the continent can make use of its oil and gas resources to make energy poverty history and achieve economic growth aspirations.
NJ Ayuk, the Executive Chairman of AEC, stated: “The UAE and Middle East has become a global powerhouse on the back of optimal oil and gas exploitation while diversifying the energy mix with renewables.
“We are confident that Middle Eastern investments and technical expertise in oil and gas exploration, production, assets development and maintenance, as well as in monetization can bring the African industry and economies to greater levels.”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent