In early September, the African Energy Chamber concluded a one-week working visit to Beijing where it met with senior officials from the Chinese government, heads of state-owned energy companies and representatives from the business sector.
During meetings with top Chinese energy companies and financial institutions, the African Energy Chamber discussed the signing of agreements and contracts that will make energy work for Africa while providing Chinese investors with attractive and rewarding opportunities in the continent.
Nj Ayuk, Executive Chairman of African Energy Chamber, remarked that China’s economic transformation in the last few decades was “nothing short of remarkable”.
“What this country has accomplished is an inspiration for Africa, where nations still need to lift hundreds of millions of people out of poverty and provide them with sustained economic development for decades,” commented Mr Ayuk.
“China and Africa share very similar challenges, and the message China is sending us is that if they can do it, so can we.”
As LNG demand is growing by the day in China, Africa stands to play a role.
In 2018, China consumed 276.6 billion cubic meters (bcm) of natural gas, an increase of 16.6 per cent over 2017. During meetings, the Chamber discussed with Chinese companies the need to invest in gas exploration and the need to also work on African initiatives like LNG2Africa.
The African Energy Chamber secured over US$1.4 billion in intentions to invest in Africa’s bankable projects in mining, oil & gas, power and renewables.
“The biggest encouragement for us is that beyond their investment appetite for Africa, Chinese companies are clear about their intention to invest in the promotion of local content and the building of local manufacturing capacities,” added Mr Ayuk.
In addition to upstream oil & gas and mining projects, key infrastructure financing opportunities in refinery and storage facilities were also discussed.
In light of strong Chinese interest for Africa, and following demands from its Chinese partners, the Chamber will be hosting the first China-Africa Energy Investment Forum in 2020 in Beijing.
非洲能源商会(African Energy Chamber)的执行主席Nj Ayuk表示，中国在过去几十年的经济转型是“非常了不起”的。
*Article published in the October-December 2019 issue of The Asia Miner