Russian Deputy Energy Minister Discusses Oil and Gas Market and Energy Transition with African Energy Chamber – African Business
In pursuit of making energy poverty history in Africa by 2030, the African Energy Chamber (AEC) met with Pavel Sorokin, First Deputy Minister of Energy of the Russian Federation, to discuss the role Russia-Africa energy collaboration will play in accelerating large-scale energy developments in Africa – driving an Africa-adapted energy transition while alleviating energy poverty on the back of improved access and sustainable economic growth.
In the spirit and commitment of H.E. In the spirit of H.E. Parties stressed the need for Russia’s continued collaboration with OPEC+ and other key organizations like the Gas Exporting Countries Forum or the African Petroleum Producers Association. They also participated in discussions at COP27 in Sham El Sheihk, Egypt.
With over 125 billion barrels of proven crude oil reserves and 620 trillion cubic feet of natural gas, Africa’s hydrocarbon potential is unparalleled. These resources can be used to not only satisfy domestic demand, which could lead to a new era for socioeconomic growth, thanks to oil and natural gas, but also to meet international demand, stabilize prices and avoid volatility in global oil and gasoline markets. This is why Russia-Africa cooperation could be improved to accelerate the development of these resources.
“The AEC is committed to making energy poverty history in Africa by 2030, and to do this, we believe that every resource available on the continent needs to be maximized. Russia can help drive investment and know how into these resources and ensure the continent benefits from its natural resource wealth,” states NJ Ayuk, Executive Chairman of the AEC, adding that, “The meeting with Pavel Sorokin was centered around this very narrative: that in order to alleviate energy poverty and drive long-term, sustainable economic growth, we need to improve Russia-Africa collaboration, drive an Africa-adapted just energy transition and fighting climate change.”
The need for an Africa-centric energy transition has been a topic of debate in recent years, with the AEC as the voice of the African energy sector, driving the narrative that Africa’s energy future will continue to rely on every resource present on the continent. As such, the AEC’s annual energy conference, African Energy Week (AEW) – taking place from October 18-21, 2022, in Cape Town – will largely center on this narrative, with panel discussions, investor forums and ministerial summits exploring the need for a multi-resource approach to the energy transition. These discussions will take place at AEW Cape Town and continue at COP27 Cairo. As such, AEC will continue to tell the story about a just energy transition in Cape to Cairo.
Distributed by APO Group in support of African Energy Week.
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African Energy Week (AEW 2022)
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 is an annual conference that brings together African energy stakeholders with international investors and partners. It aims to promote Africa’s potential as a destination for investment and drive industry development. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.
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