President of the African Refiners and Distributors Association (ARDA), Dr. Mustapha Abdul-Hamid, reaffirmed their dedication to collaborating with the Organization of the Petroleum Exporting Countries (OPEC) and other entities to foster a sustainable oil and gas sector.
He cited the African Petroleum Producers’ Organization (APPO) and the African Union Commission (AUC) as additional partners in this endeavor. Their collective focus is on delivering cleaner fuels and value-added petroleum products with a reduced carbon footprint.
Dr. Abdul-Hamid made these remarks while co-chairing the third High-Level Meeting of the OPEC-Africa Energy Dialogue on February 19, 2024, in Cairo, Egypt.
The meeting, co-chaired by Haitham Al Ghais, Secretary General of OPEC, Dr. Amani Abou-Zeid, Commissioner for Infrastructure and Energy of the AUC, and Dr. Omar Farouk Ibrahim, Secretary General of APPO, aimed to facilitate open and transparent discussions on various energy-related topics.
Building upon the successes of previous meetings, participants engaged in discussions covering energy security, underinvestment risks, climate change, and energy transitions.
Dr. Abdul-Hamid also disclosed ARDA’s objective of establishing a consolidated register of investable energy infrastructure projects, to be shared at the inaugural ARDA Investment Forum during the 2024 ARDA Week in Cape Town from April 22 to April 26, 2024.
Furthermore, he expressed eagerness to collaborate with APPO in supporting the Africa Energy Bank (AEB) launch this year and providing viable downstream projects for the initiative to meet Africa’s growing petroleum products demand sustainably.
Dr. Abdul-Hamid commended OPEC for its continuous leadership in advancing the OPEC-Africa Energy Dialogue. In response, Al Ghais highlighted Africa’s pivotal role in OPEC’s global energy dialogue program, emphasizing ongoing dialogue with the continent as a key aspect of their engagement with various regions, countries, and international organizations.
“We at OPEC firmly believe that cooperation and dialogue among all energy stakeholders are absolutely essential factors in effectively addressing our common energy challenges,” he said.
He observed that, concerning climate change and energy transitions, developing nations worldwide, including those in Africa, faced the challenge of balancing the imperative to bolster their national economies with the evolving demands of climate change.
Dr. Amani Abou-Zeid emphasized the significance of considering Africa’s unique circumstances, citing analyses projecting a potential 30% increase in African energy demand by 2040, in contrast to a 10% global rise.
Dr. Farouk provided updates on the progress toward establishing the Africa Energy Bank (AEB), highlighting the APPO Ministerial Council’s approval for the Bank’s launch in the first half of 2024. The AEB aims to address the funding constraints faced by oil and gas projects, particularly in Africa.
They concluded the gathering by underscoring Africa’s pivotal role in the energy sector, particularly in the oil industry, in the foreseeable future. They emphasized the importance and advantages of fostering ongoing cooperation between OPEC and African energy organizations, especially through the OPEC-Africa Energy Dialogue framework. Additionally, they agreed to convene the 4th High-Level Meeting of the OPEC-Africa Energy Dialogue in 2025.