Energy business trends start blowing in Africa’s favor (CGTN)
For the moment, Africa stands poised for stronger economic growth, despite the headwinds. The European Union (EU) member states and United Kingdom (UK) have urgency to find energy resources from other countries, while they transition away from Russian energy imports after Russian President Vladimir Putin had launched the ‘Special Military Operation’ in Ukraine starting on February 24th. In 2021, Russia had accounted for an estimated 40 percent of the EU’s total imports. The EU purchased about 155 billion cubic meters (bcm) of Russian liquefied natural gas (LNG) last year alone. The Paris-based International Energy Agency (IEA) disclosed that in 2021 – Germany imported 553,000 barrels per day (bpd) on average. Africa will succeed to export more oil and gas to Europe in the long-term, but not in the short-term,” Jon Offei-Ansah, Publisher of Africa Briefing, a magazine based in London, told CGTN in an exclusive interview. “Africa needs more investments – they need to build more critical infrastructure such as their pipelines. Click here to read full article.
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