Oil and gas investor Afreximbank earmarks $3bln to support locally-refined products
Africa exports around 80% of its crude oil, and 45% of the natural gas it produces, leaving the fast-growing continent heavily-reliant on imported refined products, according to the bank and analysts.
A lack of storage infrastructure and older refineries with relatively small output capacity characterise the energy landscape of sub-Saharan Africa.
"The time has come for Africa to take control of its energy destiny," Kanayo Awani, executive vice-president at Afreximbank told an energy conference in Cape Town, South Africa, on Monday.
Awani said the $3 billion revolving intra-African oil importing financing initiative will be used for products including premium motor spirit, automotive gas oil, heavy fuel oil, jet fuel, and kerosene, among others.
Afreximbank, which has invested in the 650,000 barrels per day (bpd) Dangote refinery in Nigeria, and the Lobito and Cabinda refineries in Angola, has traditionally helped finance imports of refined products from outside the continent.
Africa spends an estimated $30 billion in annual petroleum import costs due to inadequate refining capacity, Awani said.
In Nigeria, for example, increased investments have helped create 1.3 million bpd of refining capacity, helping make the Gulf of Guinea a key refining hub for the continent.
"Our goal is to support 3 million barrels per day of refining capacity in the near to medium term, that is our ambition," Awani told Reuters.
A joint report last year by energy consultancy CITAC and Puma Energy found that the demand for cleaner fuels was set to rise by 56% from 2022 levels to reach 142 million metric tons by 2040. (Reporting by Wendell Roelf; Editing by Rachna Uppal)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
UN holds emergency talks over sky-high costs for COP30 climate summit
BRUSSELS: The United Nations' climate bureau held an urgent meeting on Tuesday over concerns that sky-high accommodation prices for this year's COP30 climate summit in Brazil could price poorer countries out of the negotiations, according to diplomats and a document seen by Reuters. Brazil is preparing to host this year's U.N. climate summit in November in the rainforest city of Belem, where nearly every government in the world will gather to negotiate their joint efforts to curb climate change. Concerns about logistics have dogged preparations for COP30. Developing countries have warned that they cannot afford Belem's accommodation prices, which have soared amid a shortage of rooms. In an emergency meeting of the U.N. climate body's "COP bureau" on Tuesday, Brazil agreed to address countries' concerns about accommodation and report back at another meeting on August 11, said Richard Muyungi, chair of the African Group of Negotiators, who called the meeting. "We were assured that we will revisit that on the 11th, to get assurances on whether the accommodation will be adequate for all delegates," Muyungi told Reuters after the meeting. He said African countries wanted to avoid trimming their participation because of the cost. "We are not ready to cut down the numbers. Brazil has got a lot of options in terms of having a better COP, a good COP. So that is why we are pushing that Brazil has to provide better answers, rather than telling us to limit our delegation," Muyungi said. Another diplomat familiar with the meeting said complaints about affordability came from both poor and wealthy nations. An agenda for Tuesday's meeting, seen by Reuters, confirmed it was convened to address "operational and logistical preparations for the Climate Change Conference in Belem" and the African Group of Negotiators' concerns on the matter. Brazil's Foreign Ministry did not immediately reply to a request for comment. Brazilian officials organising the summit have made repeated assurances that poorer countries will have access to accommodation they can afford. CRUISE SHIP HOTELS Brazil is racing to expand the 18,000 hotel beds usually available in Belem, a coastal city of 1.3 million, to host the roughly 45,000 people projected to attend COP30. The government this month said it had secured two cruise ships to provide 6,000 extra beds for delegates. It also opened bookings to developing countries for more affordable accommodation at daily rates of up to $220. That is still above the "daily subsistence allowance" the U.N. offers some poorer nations to support their participation at COPs. For Belem, the figure is $149. Two U.N. diplomats showed Reuters quotes they had received from hotels and property managers in Belem for rates of around $700 per person per night during COP30. Officials from six governments, including wealthier European nations, told Reuters they had not yet secured accommodation because of high prices, and some said they were preparing to reduce their participation. A spokesperson for the Dutch government said it may need to halve its delegation compared with recent COPs, when the Netherlands sent around 90 people during the two-week event, including envoys, negotiators and youth representatives. Poland's deputy climate minister Chris Bolesta told Reuters earlier this month: "We don't have accommodation. We'll probably have to cut down the delegation to the bone." "In an extreme event, maybe we will have to not show up," he said. (Reporting by Kate Abnett; Additional reporting by Doyinsola Oladipo in New York and Lisandra Paraguassu in Brasilia; Editing by Brad Haynes and Rosalba O'Brien)
Gulf Today
7 hours ago
- Gulf Today
Shaolin Temple's 'CEO monk' probed for fraud, fathering children with multiple women
The abbot of China's famed 1,500-year-old Shaolin Temple is under criminal investigation for alleged embezzlement, "improper relationships" with women and fathering illegitimate children, religious authorities said. Shi Yongxin, 59, previously a member of China's parliament, is "suspected of criminal offences, misappropriating and embezzling project funds and the temple's assets," the temple said in a statement, adding Shi is under joint investigation by multiple agencies. Shi could not immediately be reached for comment. The temple did not answer a call from Reuters. Nicknamed the "CEO monk" and known for his commercial ambitions, Shi sought to capitalise on the monastery's fame during his decades-long tenure at Shaolin Temple, the fabled birthplace of kung fu and the setting for many martial arts films in the central Chinese province of Henan. Shi has "seriously violated Buddhist precepts, maintained improper relationships with multiple women over a long period of time." Shi has previously been accused by former monks of embezzling money from a temple-run company, maintaining a fleet of luxury cars and fathering children with multiple women. In a statement issued on Monday, the state-supervised Buddhist Association of China said it approved the revoking of Shi's ordination certificate, adding that his "behaviours are extremely deplorable in nature, have seriously damaged the reputation of the Buddhist community and tarnished the image of monks." In 2015, a letter circulated online accusing Shi of misconduct and improper sexual relations. The temple denied the allegations at the time. Shi, known as Liu Yingcheng before he became a monk in 1981, has overseen the temple since 1987 and became its abbot in 1999, the temple's website showed. In 2008, the temple opened an online store, offering a range of goods including shoes, tea, T-shirts, and a kung fu instruction manual for 9,999 yuan ($1,395). Its business ventures over the years also included book publishing, medicine, kung fu performances, film production, asset management and real estate. Shi posted daily on his social media account on Weibo with more than 882,000 followers. Shi was a delegate of China's rubber-stamp parliament, the National People's Congress, for around two decades until 2018. He has also been deputy head of China's Buddhist association. Reuters
TECHx
10 hours ago
- TECHx
Space42 Partners with Microsoft, Esri on Africa Maps
Home » Tech Value Chain » Global Brands » Space42 Partners with Microsoft, Esri on Africa Maps UAE-based SpaceTech company Space42 (ADX: SPACE42), part of the G42 Group, has announced a strategic partnership with Microsoft and Esri. The collaboration was formalized through a Memorandum of Understanding (MoU) signed during Esri's 2025 User Conference. The initiative, called the 'Map Africa Initiative,' aims to deliver high-resolution, scalable base maps for all 54 African countries. It will serve over 1.4 billion people, creating the most comprehensive base map of the continent to date. The five-year project is expected to address gaps in infrastructure, investment, and data availability across Africa. The updated mapping system will help drive economic development by improving access to intelligent geospatial solutions. These solutions will support governments, businesses, and communities in both Africa and the UAE. Space42 will lead fundraising and project management, leveraging its satellite data and AI-powered Digital Twin models to create dynamic, use-specific maps. Esri will provide its remote sensing and GeoAI capabilities, while Microsoft will supply secure cloud infrastructure and an AI framework via Azure. • The initiative supports national mapping agencies with accurate, updatable data. • It also aims to create a new commercial ecosystem for African startups. The project is expected to enhance strategic sectors such as logistics, renewable energy, disaster response, and smart city planning. Data will be stored in Microsoft and G42-managed centers across Africa. Space42 CEO Hasan Al Hosani emphasized that the partnership aligns with the UAE's collaborative and innovation-driven approach. He noted that accurate mapping is essential for growth and inclusive innovation. Esri President Jack Dangermond said the initiative builds on proven geospatial workflows and will enable sustainable development across the continent. The MoU deepens Space42's partnerships with Microsoft and Esri, while expanding its presence and commercial opportunities in Africa. It also reflects Space42's role as a trusted provider of large-scale geospatial solutions for governments. G42 CEO Peng Xiao stated that the partnership reflects a shared commitment to using AI as a force for good. He said the project will help transform data into development and intelligence into impact. The initiative also aligns with the UAE's broader global investment and innovation agenda. The UAE was Africa's largest foreign investor in 2024, deploying $44 billion. Space42 plays a key role in advancing this agenda through SpaceTech and AI. The mapping initiative supports long-term goals of smart land use, modern infrastructure, and digital economies across the continent. It also strengthens diplomatic and commercial ties between the UAE and Africa.
