Chinese companies commit US$1.4bn into Bankable Energy projects in Africa

After completing its one-week visit to Beijing, African Energy Chamber has secured over US$1.4bn intensions to invest in mining, oil and gas, power and renewables.

During the meeting with senior officials from the Chinese government, heads of state-owned energy companies, and executives and entrepreneurs from the private sector, African Energy Chamber highlighted that not only will the agreement make energy work for Africa, but will provide investors with rewarding opportunities.

“China’s economic transformation in the last few decades is nothing short of remarkable,” declared Executive Chairman at African Energy Chamber, Nj Ayuk. “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.”

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Liquefied natural gas (LNG) is a growing sector in China, with its consumption of 276.6bn cubic meters of natural gas in 2018 – up by 16.6% since 2017. Discussions in the meeting highlighted the win-win for both Africa and China if Chinese companies invest in African gas exploration and work on initiatives such as LNG2Africa.

Speaking about the investment, Nj Ayuk says “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.”

Image source: APO