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Russia Expects to Take Part in Multimillion-Dollar LNG Projects in Africa: Association
Russia Expects to Take Part in Multimillion-Dollar LNG Projects in Africa: Association
Sputnik Africa
MOSCOW (Sputnik) – The ongoing sixth annual Russian Energy Week is being held in Moscow from October 11-13. The event is being attended by representatives of... 12.10.2023, Sputnik Africa
2023-10-12T10:44+0200
2023-10-12T10:44+0200
2023-10-12T10:45+0200
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Russian companies are going to join multimillion-dollar projects to develop liquefied natural gas (LNG) infrastructure across Africa, Executive Chairman of the African Energy Chamber NJ Ayuk told Sputnik, describing this cooperation as a "win-win" partnership. There are also numerous projects to develop LNG markets across the continent, with Russian businesses expected to play an important role in them by becoming part of consortiums, the chairman added. Ayuk said that among the topics discussed in Moscow was the African Energy Week, which will be held in Cape Town from October 16-20, with global and African energy stakeholders coming to the event. Russia will have a strong presence at the upcoming African Energy Week in South Africa, the chairman mentioned.A number of multi-billion dollar deals are going to be signed at the African forum that will be held in South Africa from October 16-20, the chairman added.Africa's energy security and investment in the energy sector are expected to be key topics on the agenda of the African Energy Week.The executive also pointed out that Africa will need around $2 trillion in investments in the development of green energy over the next decade, not the $700 billion estimated by South Africa's Standard Bank.Earlier in the year, the Standard Bank group suggested that Africa would need over $700 billion in investments during the upcoming ten years to develop renewables and mines to extract the metals required for the green energy transition.There are also $600 billion in global green bonds, with just 2% of them going to Africa as of now, he said.To discuss further cooperation in the energy sector, Ayuk met with Russian Deputy Prime Minister Alexander Novak and Deputy Energy Minister Pavel Sorokin.The chairman added that he sees growing Russian involvement in Africa’s energy sector, with Russian companies committed to "make energy poverty history" in Africa.Russian energy giant Gazprom and oil company Lukoil are already big players in the African market that will "drive up prosperity" in Africa, the chairman said.
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https://en.sputniknews.africa/20231007/africa-needs-industrial-infrastructure-development-energy-security-to-be-world-powerhouse-experts-1062605693.html
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Russia Expects to Take Part in Multimillion-Dollar LNG Projects in Africa: Association
10:44 12.10.2023 (Updated: 10:45 12.10.2023) MOSCOW (Sputnik) – The ongoing sixth annual Russian Energy Week is being held in Moscow from October 11-13. The event is being attended by representatives of leading energy companies from all over the world. The main theme of the Russian Energy Week-2023 is "New Reality of Global Energy: Creating the Future".
Russian companies are going to join multimillion-dollar projects to develop liquefied natural gas (LNG) infrastructure across Africa, Executive Chairman of the African Energy Chamber NJ Ayuk told Sputnik, describing this cooperation as a "win-win" partnership.
"There are small-scale LNG projects that are coming out in South Africa, Tanzania, Nigeria, Mozambique where they are going to build LNG stations, infrastructure. Very big Russian companies are going to be involved in it. Lots of millions of dollars are going to that project. It is going to be Russian companies with Russian technologies and African skills and African money together. That is a win-win partnership. It is not when one side is begging the other and waiting," Ayuk said on the sidelines of the Russian Energy Week in Moscow.
There are also numerous projects to develop LNG markets across the continent, with Russian businesses expected to play an important role in them by becoming part of consortiums, the chairman added.
"Russian companies are also going to be part of consortiums in Mozambique, Congo and in Senegal, Kenya [where they are going to invest a lot of money] to really see how they drive up LNG development. And I see more commitment than before," Ayuk also said.
Ayuk said that among the topics discussed in Moscow was the African Energy Week, which will be held in Cape Town from October 16-20, with global and African energy stakeholders coming to the event. Russia will have a strong presence at the upcoming African Energy Week in South Africa, the chairman mentioned.
"Part of our discussion [with Russian officials at the Russian Energy Week in Moscow] was strong Russian participation in the African Energy Week that’s going to happen next week. So we’ll have people from the leadership of Gazprom, Rosatom is going to be there, Lukoil is going to be there, Rosneft, Novatek – there are going to be in Africa, supporting African companies, signing joint venture agreements, signing joint project agreements," Ayuk said.
A number of multi-billion dollar deals are going to be signed at the African forum that will be held in South Africa from October 16-20, the chairman added.
"
African nations together with international investors are going to release big deals, big singings on natural gas, minerals, upstream oil and gas exploration," he stated.
Africa's energy security and investment in the energy sector are expected to be key topics on the agenda of the African Energy Week.
The executive also pointed out that Africa will need around $2 trillion in investments in the development of green energy over the next decade, not the $700 billion estimated by South Africa's Standard Bank.
Earlier in the year, the Standard Bank group suggested that Africa would need over $700 billion in investments during the upcoming ten years to develop renewables and mines to extract the metals required for the green energy transition.
"I think that these numbers of $700 billion over the next decade is very low. You are actually going to need $2 trillion, because $700 billion is needed to just meet the capacity to provide power and energy demand in mining. But who are there critical metals are for? They are for wealthy Western countries for their own green development. What about Africans, them having jobs, having electricity, power, them having opportunities? We can't just have reports that mean that Africa is going to continue to be an extractive ground to feed wealthy nations," Ayuk said on when asked to comment on the bank's report.
There are also $600 billion in global green bonds, with just 2% of them going to Africa as of now, he said.
"At the African Energy Week, we are going to send a clear message to Russia, Europe, America, Asia that demonization of fossil fuels dies in Africa. We are not going to demonize oil and gas industry. This demonization is wrong and we are going to stay with our oil and gas producers. They are being attacked every day, but these people have created jobs, driven manufacturing. We cannot accept demonization, by this we create a more polarized environment that we cannot reach climate solutions with," Ayuk added.
To discuss further cooperation in the energy sector, Ayuk met with Russian Deputy Prime Minister Alexander Novak and Deputy Energy Minister Pavel Sorokin.
"We are going to sign agreements with various Russian entities in the nearest future. Discussions with Sorokin and Novak were confidential, which I am not allowed to disclose here," Ayuk commented.
The chairman added that he sees growing Russian involvement in Africa’s energy sector, with Russian companies committed to "make energy poverty history" in Africa.
"They [Russian officials and companies] recognize that 600 million Africans don’t have access to electricity, 900 million don’t have access to clean-cooking technologies, most of them are women. We have to move away from cutting trees to natural gas so that we take care of people," the chairman said.
Russian energy giant Gazprom and oil company Lukoil are already big players in the African market that will "drive up prosperity" in Africa, the chairman said.
"We continue to put a big pressure on African governments to sign these deals with Russian companies, it shouldn’t take so long to approve and sign these deals. You’ll be shocked by what you’ll see," he added.
