https://en.sputniknews.africa/20230617/eradicating-energy-poverty-in-africa-to-boost-energy-demand-growth-rosneft-ceo-1059983821.html
Eradicating Energy Poverty in Africa to Boost Energy Demand Growth: Rosneft CEO
Eradicating Energy Poverty in Africa to Boost Energy Demand Growth: Rosneft CEO
Sputnik Africa
The forecast the oil company's top executive provided of the future of energy in Africa was voiced during his presentation "Sodom and Gomorrah in the Energy... 17.06.2023, Sputnik Africa
2023-06-17T11:14+0200
2023-06-17T11:14+0200
2023-06-17T11:14+0200
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Eliminating energy poverty in Africa will result in a higher pace of energy demand growth, which has yet to be evaluated, Igor Sechin, the head of Rosneft, one of the biggest Russian oil and gas companies, said.According to him, the rate of population growth in Africa will be commensurate with the growth of energy demand. By 2050 the continent's population is expected to grow by 74%, and the growth of energy demand in Africa is projected to be around 70-80% by 2050.According to the February report "Gas for Africa" by the pan-African investment research firm Havilty, Africa has the lowest energy consumption per capita in the world.The report added that domestic natural gas can help mitigate Africa's energy poverty, but much of the African continent does not have access to its natural gas.In this vein, Africa's largest oil refinery, Dangote, opened in Nigeria in May, making it possible for the continent to "meet half of its demand for refined products, a significant step towards eliminating energy poverty in Africa by 2030," the experts point out.Russia is seen as another assistant in addressing the crisis. In March, Russian President Putin pledged to help African countries produce electricity, noting that large Russian investment projects are being implemented in Africa with the participation of domestic Russian companies such as Rosneft, Gazpromneft, RusHydro, Alrosa, and Lukoil.In early May, Russia's Consul General in South Africa Aleksey Malenko expressed Moscow's readiness to help the Southern African nation alleviate its energy crisis, which began in 2007 and has been accompanied by rolling blackouts.
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Eradicating Energy Poverty in Africa to Boost Energy Demand Growth: Rosneft CEO
The forecast the oil company's top executive provided of the future of energy in Africa was voiced during his presentation "Sodom and Gomorrah in the Energy Market: God's Punishment or Organized Chaos? Run for your lives" at the St. Petersburg International Economic Forum (SPIEF).
Eliminating energy poverty in Africa will result in a higher pace of energy demand growth, which has yet to be evaluated, Igor Sechin, the head of Rosneft, one of the biggest Russian oil and gas companies, said.
According to him, the rate of population growth in Africa will be commensurate with the growth of energy demand. By 2050 the continent's population is expected to grow by 74%, and the growth of energy demand in Africa is projected to be around 70-80% by 2050.
"This fact testifies to an underestimation of the real potential of consumption growth in Africa, which faces the challenge of eliminating energy poverty. And meeting this challenge will lead to higher energy demand growth rates that have yet to be realistically evaluated," Sechin remarked.
According to the February
report "Gas for Africa" by the pan-African investment research firm Havilty, Africa has the lowest energy consumption per capita in the world.
"The average electricity use of a sub-Saharan African resident is lower than that of a household fridge in the United States," the report said.
The report added that domestic natural gas can help mitigate Africa's energy poverty, but much of the African continent does not have access to its natural gas.
In this vein, Africa's largest oil refinery, Dangote, opened in Nigeria in May, making it possible for the continent to "meet half of its demand for refined products, a significant step towards eliminating energy poverty in Africa by 2030," the
experts point out.Russia is seen as another assistant in addressing the crisis. In March, Russian President Putin pledged to help African countries produce electricity, noting that large Russian investment projects are being implemented in Africa with the participation of domestic Russian companies such as Rosneft, Gazpromneft, RusHydro, Alrosa, and Lukoil.
In early May, Russia's Consul General in South Africa Aleksey Malenko
expressed Moscow's readiness to help the Southern African nation alleviate its energy crisis, which began in 2007 and has been accompanied by rolling blackouts.
