The National Oil Company (NOC) of the Azerbaijan Republic (SOCAR) will participate at this year’s African Energy Week (AEW): Invest in African Energy 2024 conference – taking place on 4-8 November in Cape Town. During this year’s event, representatives from the Business Development Department of SOCAR are poised to discuss energy security development and emissions reduction strategies in the African oil and gas industry.

Breaking ground in the modernization of refineries in the Republic of the Congo (ROC), the NOC has shown an unwavering dedication to contributing to local content development, poverty alleviation and the equitable management of natural resources in Africa. As such, SOCAR’s participation at AEW: Invest in African Energy 2024 is set to drive a commitment towards sustainability and collaborative ventures with local partners.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

In April, SOCAR signed three agreements with ROC’s NOC the Société nationale des pétroles du Congo (SNPC) in the fields of refinery development, training and sustainable resource management. The first agreement, an MoU on terms for the improvement and expansion of the Congolaise de Raffinage oil refinery, was signed between SNPC Director General Maixent Raoul Ominga and the President of SOCAR Roshvan Najaf. The refinery boasts a production capacity of 1 million tons of oil per year, specializing in the processing of light oil.

Meanwhile, Ominga and Najaf also signed an MoU on training between SOCAR and the SNPC, widening the NOC’s strategy to work with a reliable partner to explore its oil reserves. A third agreement was signed between the ROC’s Minister of Environment, Sustainable Development and the Congo Basin Arlette Soudan-Nonault and Azerbaijan’s Minister of Ecology and Natural Resources Mukhtar Babayev to promote sustainable resource management in the Central African country. The protocol of intent for the agreements aims to enhance the protection of the environment to contribute to human health, well-being and poverty alleviation while promoting equitable management of natural resources.

Najaf also met with the President Adviser for International Strategy of the ROC Françoise Joly to discuss potential cooperation in various areas of the oil and gas sector in the country. The two discussed potential collaboration in trading oil and oil-based products, developing human capital and other shared interests. Najaf and Joly also engaged in discussions regarding Azerbaijan’s global energy projects, SOCAR’s operations in multiple countries and collaborative ventures with the company’s partners.

“SOCAR’s participation at AEW: Invest in African Energy 2024 underscores our commitment to fostering sustainable energy solutions in Africa. By engaging with local stakeholders and companies, SOCAR demonstrates a strong commitment to enhancing energy development across the continent. We look forward to their participation at this year’s conference as a testament to international dedication to a sustainable energy landscape in Africa,” states African Energy Chamber Executive Chairman NJ Ayuk.

Creating robust international partnerships is a key theme of this year’s AEW: Invest in African Energy 2024 conference. As such, SOCAR’s participation at the event is set to deliver on global energy initiatives while enhancing resource management and human capital development.

Distributed by APO Group on behalf of African Energy Chamber.

The Republic of Congo’s (ROC) national oil company (NOC) Société nationale des pétroles du Congo (SNPC) has joined the African Energy Week (AEW): Invest in African Energy 2024 conference – taking place in Cape Town from November 4-8 – as a Diamond Sponsor. Marking a pivotal step for the ROC, SNPC is set to officially unveil its proposed Gas Master Plan at the event as the NOC looks to unlock the full potential of the country’s natural gas resources.

The plan is set to provide a framework that incentivizes investment in the development of the ROC’s resources with a specific focus on natural gas, which are estimated at 10 trillion cubic feet. The Gas Master Plan also aims to create a roadmap to enhance gas monetization and utilization by focusing on infrastructure development, gas processing plants, pipelines and power generation facilities. Poised to reduce reliance on imported energy, the plan aims to boost domestic energy production and promote local content development.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

With a target to produce 2.4 million tons of LNG by 2025, the ROC achieved a major milestone this year after delivering its first LNG cargo to Italy from the Congo LNG project’s Tango FLNG facility, which features a 1-billion-cubic-meter-per-annum liquefaction capacity. A second FLNG vessel with a 3.5-billion-cubic-meter-per-annum capacity is set to start production next year. The project is supported by a sales and purchase agreement signed between the SNPC, energy major Eni and multinational energy corporation Lukoil in September 2023. With the project, the ROC is set to produce an initial 600,000 tons of LNG per year and up to 2.4 million tons per year by 2025.

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The SNPC has also been streamlining gas for domestic industrial use through projects such as the Banga Kayo conventional oilfield – led by Chinese oil and gas company Wing Wah Oil Company –, which features a phased expansion plan to monetize previously flared gas resources. Over several phases, the project will progressively increase gas valorization capacity to produce LNG, LPG, butane and propane for the domestic market. Three trains will be developed, the first of which will have a capacity of one million cubic meters per day while the second and third will each have a capacity of two million cubic meters per day. The second and third trains will come online by March 2025 and December 2025, respectively.

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The SNPC has also been leading the ROC’s efforts to boost oil production in the country, with a target to increase production from 259,000 barrels per day (bpd) to 500,000 bpd by next year. Additionally, in an attempt to drive upstream exploration, the NOC partnered with oil and gas independent Perenco last November to complete offshore 3D seismic acquisition targeting with the Tchibouela II, Tchendo II, Marine XXVII and Emeraude permits. With data from the campaign expected to identify future drilling targets and enhance exploration success, the partnership serves as a model for public-private sector collaboration within the sector.

“By unveiling their Gas Master Plan, SNPC is taking significant steps to eradicate energy poverty and maximize the monetization of the country’s rich natural resources. Their commitment to local content development has positioned the country to empower communities and stimulate economic growth. We commend SNPC for their leadership in transforming natural gas into a catalyst for broader economic progress,” states African Energy Chamber Executive Chairman NJ Ayuk.

In recent years, the SNPC has gained recognition for its role in establishing the ROC as a competitive oil exporter. The company’s efforts to diversify energy sources through gas-focused initiatives like the Gas Master Plan demonstrate its broader commitment to sustainable energy development. As such, AEW: Invest in African Energy 2024 is set to facilitate the company’s mandate to advance the nation’s energy infrastructure, promote the local workforce within the sector and ensure that oil and gas revenues support national development goals.

Distributed by APO Group on behalf of African Energy Chamber.

Dr. Benedict Oramah, President and Chairman of the Board of Directors of pan-African multilateral investment firm the African Export-Import Bank (Afreximbank), will receive the Mohammed S. Barkindo Lifetime Achievement Award at this year’s African Energy Awards – taking place during the African Energy Week (AEW): Invest in African Energy conference. Representing the highest honor in African energy, the award recognizes an individual who has made remarkable achievements and lasting contributions to Africa’s oil, gas and energy sectors.

For over three decades, Oramah has been instrumental in driving sustainable development across Africa by channeling crucial funding into some of the continent’s most significant oil, gas and infrastructure initiatives. Since becoming the head of Afreximbank in 2015, Oramah has introduced innovative financing structures, supported the growth of Africa’s energy industry, accelerated energy access and promoted industrialization. His efforts to accelerate development in Africa and promote multi-faceted collaboration highlight his unwavering dedication to making energy poverty history by 2030 – the mandate of AEW: Invest in African Energy 2024.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.

Under Oramah’s leadership, Afreximbank has driven projects forward in Africa by facilitating financing, industry engagement and policy support. One of the institution’s biggest milestones is the launch of the Africa Energy Bank in partnership with the African Petroleum Producers Organization. Officially launched in 2024, the Bank uniquely mobilizes funding to support investments across Africa’s entire energy spectrum in line with the continent’s energy needs and environmental sustainability targets. The Bank has an initial share capital of $5 billion and will be headquartered in Abuja, Nigeria, laying the foundation for accelerated project development through enhanced financing solutions. In addition to forming the Africa Energy Bank, Afreximbank has increased its portfolio of project financing in Africa. Recent initiatives include a $200 million loan facility with First Bank of Nigeria; a $3.3 billion package for the Nigerian National Petroleum Company with to bolster its operations; and a $800 million loan to support integrated energy firm Oando PLC expand its oil and gas assets in Nigeria. During AEW 2023, Afreximbank also committed up to $135 million to support the operations of Torxen Energy and Alphaden Energy&Oilfield Limited in Nigeria.

Meanwhile, Oramah’s vision of an interconnected Africa has driven Afreximbank to double its intra-African trade financing from $20 billion in 2021 to $40 billion by 2026. The funding is set to bolster infrastructure development and projects that will maximize the benefits of the African Continental Free Trade Agreement (AfCFTA) – a trade agreement signed by African Union members. With 600 million people across Africa living without access to electricity and 900 million without access to clean cooking solutions, AfCFTA will play a crucial role in facilitating the development and trade of the continent’s energy resources. As such, under Oramah’s leadership, Afreximbank has enhanced its support for intra-African trade, setting the stage for enhanced investments and infrastructure development.

“Dr. Benedict Oramah’s unwavering commitment to Africa’s energy development and his visionary leadership in financing transformative projects across the continent have been nothing short of remarkable. His innovative approach to financing, dedication to advancing energy access and relentless pursuit of economic empowerment have reshaped Africa’s energy landscape. It is only fitting that he receives the Mohammed S. Barkindo Lifetime Achievement Award at AEW: Invest in African Energy 2024. Dr. Oramah’s legacy is one defined by his expansive vision for an industrialized and united Africa,” states NJ Ayuk, the Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Joseph R. Biden Jr. met today at the White House during an official visit of His Highness President Sheikh Mohamed bin Zayed to the United States.  The visit is the first-ever by a President of the United Arab Emirates to Washington and marks the leaders’ fourth bilateral meeting in the Biden-Harris Administration. The leaders affirmed the enduring U.S.-UAE strategic and defense partnership, bolstered areas of deepening cooperation in advanced technology and investments, and discussed global and regional matters.  The leaders pledged to pursue new opportunities to strengthen their economic and defense partnership; promote peace and stability across the Middle East and wider region; and deliver global leadership on issues of shared importance. 

As a result of the meeting, Averi Finance is honoured to receive the endorsement and support from the White House and the UAE Government. This recognition highlights Averi Finance as a key player, investor and financier in the energy sector across Africa and reflects our extensive track record and work over the years, investing, financing, structuring projects and advising African Governments, UAE corporates, and public and private stakeholders to channel capital into various sectors, into the various sectors particularly energy.  

“The collaboration between the U.S. and UAE represents a significant opportunity to accelerate sustainable development efforts globally,” said Gaspar Lino, CEO of Averi Finance. “We are enthusiastic about the emphasis on private sector engagement and look forward to exploring partnerships that will enhance the positive impact of our work across Africa.” 

Averi Finance is an emerging markets investment and finance firm focused on Africa. As a specialist provider of capital investment and financing solutions to growth markets globally, we leverage unique project structuring capabilities to deliver impactful results. Recently, Averi Finance acquired 3.85 GW of solar and wind energy projects in South Africa and is investing in over 1,500 kilometers of high voltage transmission lines across the SADC region as a private investor. 

Under the U.S.-UAE Partnership to Accelerate Clean Energy (PACE) initiative, Averi Finance intends to facilitate $5 billion in investments, build 3 GW of power generation projects, construct over 3,000 kilometers of transmission and distribution lines, and establish over 500,000 new home and business connections. We also aim for a CO2 equivalent reduction or avoidance of 90 million tons, underscoring our commitment to sustainable energy solutions1—including our ongoing green and blue hydrogen projects designed to enhance energy security and promote environmental sustainability. 

As a UAE-based private sector partner under the U.S.-led Power Africa Initiative, Averi Finance is committed to supporting this vital effort, through its local offices in Angola, Southa Africa, Zambia, DRC, Cameroon, Nigeria, Ghana, Togo and Mauritius.  

With a proven track record of success, Averi Finance’s management has participated in over 100 projects and transactions, arranging more than $16 billion across 15 emerging market countries. Our team’s extensive experience and strong local networks enable us to consistently deliver impactful results. 

Averi Finance is dedicated to leveraging this strategic partnership to drive innovative financing solutions that address the pressing challenges of energy sustainability and economic development in Africa. By aligning our efforts with global initiatives, we aim to contribute meaningfully to the region’s sustainable future. 

For more information about Averi Finance and our projects, please visit our website at www.AveriFinance.com. 

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Distributed by APO Group on behalf of Averi Finance.

Contact:
Gaspar Lino 
Tel: +971503706701  
Email: glino@averifinance.com