China commits $1.4bn investment into bankable energy projects in Africa
The African Energy Chamber concluded meetings in Beijing to discuss the need to invest in gas exploration and to work on African initiatives like LNG2Africa, which are “a win-win for both Africa and China”.
Throughout its meetings, the Chamber secured over $1.4 billion in intentions to invest in Africa’s bankable projects in mining, oil and gas, power, and renewables.
The Chamber’s one-week working visit in Beijing included meetings with senior officials from the Chinese government, heads of state-owned energy companies, and executives and entrepreneurs from the private sector.
During meetings with top Chinese energy companies and financial institutions, the Chamber discussed the signing of win-win agreements and contracts that will make energy work for Africa while providing Chinese investors with attractive and rewarding opportunities in Africa.
“China’s economic transformation in the last few decades in nothing short of remarkable,” declared Nj Ayuk, executive chairman of the African Energy Chamber.
“What this country has accomplished is an inspiration for Africa, where nations still need to lift hundreds of millions out of poverty and provide us with sustained economic development for decades. 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% over 2017.
“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 Ayuk.