As more than 400 delegates gathered for the 18th annual conference of the African Refiners and Distributors Association in Cape Town this week, Executive Secretary Anibor Kragha has emphasized the simultaneous need to both prioritize energy transition and ensure the security of current supplies.
‘Separate implementation strategies are needed for cleaner, lower carbon generating fuels to meet the critical current demands, and the urgent progress towards sustainable renewable energy,’ he said.
He stressed that a measured decade-by-decade sustainable finance plan to ensure that investments are made to deliver a unique African energy transition, was essential. ‘And it is critical that this goes along with coordinated refining upgrades and infrastructure projects.’
ARDA, he declared, is committed to securing project financing for strategic opportunities for the African downstream oil sector and providing funds for refinery upgrades for clean fuels storage and distribution, as well as petrochemical and LPG sector development.
Mr Kragha said that recent volatilities and geopolitical issues had exposed the vulnerabilities of the world’s energy mix – security, affordability and global supply. ‘It’s essential that we assure 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 decarbonization of existing operations, reinforcing energy supplies security and ensuring price stability’.
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 of two African banks of a $16 billion injection into oil and gas projects on the continent.
The Oil Sustainability Program of the Kingdom of Saudi Arabia was also represented by Program Director, Mohammad Al Tayyar, who spoke of innovative solutions to energy transition and the creation of groundbreaking applications for oil.
