The African Refiners and Distributors Association (ARDA) has said it is critical for Africa to simultaneously prioritise its energy transition and ensure the security of current supplies.
Anibor Kragha, executive secretary of ARDA, made this known at the 18th annual conference of the (ARDA) in Cape Town, which had more than 400 delegates in attendance, according to a statement.
Kragha said ARDA is committed to securing project financing for strategic opportunities for the African downstream oil sector, providing funds for refinery upgrades for clean fuels storage and distribution, and petrochemical and LPG sector development.
According to Kragha, volatilities and geopolitical issues had exposed the vulnerabilities of the world’s energy mix – security, affordability and global supply. We must ensure uninterruptible access to energy supplies at an affordable price.
“The Ukraine crisis had brought into sharp focus the need for short-term interventions alongside long-term goals. We currently have the trilemma of achieving decarbonisation of existing operations, reinforcing energy supplies security and ensuring price stability,” he said.
According to the statement, the conference has been the backdrop to a call for Africans to keep funds invested in the continent rather than offshore to provide financing for the estimated $190 billion annual energy funding needed in Africa.
“This was followed by an announcement by two African banks of a $16 billion injection into oil and gas projects on the continent,” it said.
The oil sustainability program of the Kingdom of Saudi Arabia was also represented by Mohammad AI Tayyar, the program director, who spoke of innovative solutions to energy transition and the creation of groundbreaking applications for oil.
