African Petroleum Producers’ Organization (APPO) and African Export-Import Bank (Afreximbank) have proposed US$5Billion for the starting of the continental energy financial institution, African Energy Bank.
Out of the figure, 51% will be sought from within African while the remaining 49 % will be from multinational oil companies from Middle East.
General Secretary of APPO, Dr. Omar Farouk Ibrahim, who revealed this to energynewsafrica.com in Accra, capital of Ghana, after engaging President Akufo-Addo and Officials of Ministry of Energy said, “we are looking forward to bringing companies like Saudi Aramco, ADNOC, Kuwait Petroleum, Qatari Petroleum into this”.
Explaining why they are looking for investments from Middle East companies, Dr Farouk Ibrahim said they are doing so “because they are also interested in sustaining the oil and gas industry”.
“We are committed to raising the funds. We in APPO believe that Africa has the money. The only thing we need to do is set out priorities right,’’ he said.
According to him, the Congo-based group will not open its doors to investments from Americans and Europe since they are campaigning for an end to fossil fuel extraction.
“We are not going to open our doors to Europe and Americans that are anti-fossil fuel. We are committed to pursue oil and gas and any institution that shares this vision is welcome,” he stated.
The African Energy Bank was mooted last year during the eight African Petroleum Congress and Exhibition in Luanda, Angola.
It is intended to provide funding for oil and gas projects in Africa due to suspension of funding for oil and gas projects by some international banks because of energy transition.
Source: https://energynewsafrica.com