The African Export-Import Bank (Afreximbank) has unveiled an ambitious $3 billion Revolving Intra-African Oil Trade Financing Program designed to reduce the continent’s dependence on imported petroleum products.
This groundbreaking initiative is projected to finance between $10-14 billion worth of intra-African petroleum trade, encompassing premium motor spirit, automotive gas oil, heavy fuel oil, kerosene, and jet fuel. The program aims to strengthen Africa’s internal refining capacity while supporting key objectives of the African Continental Free Trade Area, including trade promotion, industrialization, and job creation.
“While the program will have a direct impact on the volume of refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain,” said Benedict Oramah, President and Chairman of Afreximbank’s Board of Directors.
The bank is working to help establish a combined refining capacity of 1.3 million barrels per day across Africa. Projects benefiting from its support include Nigeria’s Dangote Refinery, the 210,000-barrel-per-day Port Harcourt facility, the Bua and Azikel refineries, Angola’s upcoming 200,000-bpd Lobito and 60,000-bpd Cabinda refineries, and Ivory Coast’s SIR refinery.
Source: Energy Capital & Power
