According to ministers there, European energy investments in Africa would be a win-win for both sides

Since the outbreak of the Russian invasion of Ukraine, Europe has been actively looking for alternative sources that would help in the short term to compensate for the shortfall in the supply of gas from Russia, and in the long term to diversify the portfolio of possible suppliers. According to African energy ministers, Europe should significantly increase investment in fossil fuel extraction across the continent, which would be beneficial for both sides.

In recent months, political representatives of countries from the African continent have been approaching their European colleagues with offers for possible investments in the oil and gas extraction sector there. Nigeria’s oil minister Timipre Sylva said at a conference in Milan last week, according to the Argus server, that focusing on natural gas production in Africa, which according to him has 21 trillion cubic meters of natural gas reserves, should be absolutely clear. thing.

According to him, the development of gas extraction in Africa would also help the nearly one billion Africans who do not have access to “clean cooking fuels”, as well as provide great employment opportunities on the continent. The initiation of greater gas production would open Europe’s way to new sources, which, according to the minister, would be “Europe’s victory over Africa.”

According to the Nigerian minister, “limiting discriminatory rules for investment by banks” is in the interest of Europe”. According to him, the minister has already told European representatives that he must establish an appropriate framework for banks to be able to invest in the oil and gas sector. Ghana’s Minister of Energy Matthew Opoku Prempeh is also calling for more investment.

“Africa is chronically underinvested. No country should be dictated to stay where it is,” said Ghana’s energy minister, calling for an increase in the volume of investment.

The issue of European investments in the oil and gas sector in African countries came into focus at the beginning of this year, when the President of the European Commission, Ursula von der Leyen, visited Senegal in February. The country’s president, Macky Sall, said at the time that limiting funding for gas development would deal a fatal blow to developing countries.

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