Africa's Crude Oil Demand to Surge, $100 Billion Investment Needed by 2050
The African Refin Distributor Association (ARDA) predicts a surge in Africa's crude oil consumption from 1.8 million barrels per day in 2024 to 4.5 million barrels per day by 2050. This growth necessitates a $100 billion investment in refineries to upgrade existing facilities and establish new projects to supply cleaner fuels.
However, challenges such as lack of harmonized fuel specifications across African countries hinder investment attractiveness. ARDA emphasizes the need for downstream projects to meet basic requirements to attract international investors and improve public health outcomes.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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