in

APPO pledge to inject $5bn into African Energy Bank

APPO
APPO

The African Petroleum Producers Organisation (APPO) has pledged a sum of $5bn for the establishment of the African Energy Bank (AEB), with the aim of advancing oil and gas projects across oil-producing member countries.

Dr Omar Ibrahim, the Secretary-General of APPO, announced this in collaboration with Afreximbank during a press conference held on the sidelines of the 24th World Petroleum Congress (WPC) in Calgary, Canada, according to the News Agency of Nigeria.

Dr Ibrahim highlighted that the creation of the bank is intended to address the common funding difficulties encountered in oil and gas ventures.

Specifically, the AEB seeks to bridge the financial gap left by the Western financiers who have reduced their support for the industry, especially in Africa, he explained.

According to Dr Ibrahim, the bank will aid investors who believe that Africa must harness all available energy sources to combat widespread poverty on the continent. He further stated that the AEB will explore alternative energy options.

In response to the technology and expertise challenge, Dr Ibrahim revealed that a team from the APPO Secretariat conducted an assessment tour of research, development, innovation, and training institutions for training oil and gas technicians and middle-level personnel.

He also disclosed that for highly specialized sectors. regional centres of excellence will be established within the industry.

His words: “We were pleasantly surprised at the level of advancement of the institutions visited, in terms of their training programmes, facilities and equipment as well as faculties.

“We concluded that given the huge financial requirements for establishing high-class oil and gas research and training Institutions, APPO member countries need not all establish these institutions.

“Instead, each country can establish institutions for training oil and gas technician as well as middle-level personnel.

For the highly skilled sectors, we plan to have regional centres of excellence in the various sectors of the industry.

“In this regard, Sonatrach, the National Oil Company of Algeria hosted the inaugural meeting of Directors of Oil and Gas Research and Training Institutions last June, in Bourmedes, Algeria.

Dr Ibrahim noted that Nigeria is set to host the second Africa Roundtable on Local Content in October, with Angola expressing interest in hosting the event in the first quarter of 2024.

He stated that APPO aims to form partnerships with technologically advanced countries to achieve its objectives, and Canada’s oil and gas industry is considered a potential source of technological support.

In his words, “In pursuing this objective, we believe that partnership with players from the technologically advanced countries will be fruitful.

“The oil and gas industry in Canada is one place that we believe we can come for technological support.

“Partnership is critical to our success and we are prepared to partner with all like-minded institutions to pursue our objectives.”

Dr Ibrahim mentioned that APPO was currently working on a blueprint for the integration of the African continent through the establishment of cross-border energy infrastructure.

Techrectory with Agency Report.

Techrectory on Google News
See also Google looks set to further generative AI lead with Gemini

Leave a Reply

Your email address will not be published. Required fields are marked *

What do you think?

Written by Percy Onyeka

A seasoned Tech/Business Analyst, Digital Media Consultant , Publisher and Entrepreneur with more than a decade experience. Online Editor in Chief-New National Star newspaper and a host of clients...

ExxonMobil

Nigeria is ready for business, Tinubu tells ExxonMobil Chief

TAJBANK

TAJBank, CEO win global Islamic banking awards 2023