Petroleum products demand to rise by 53% as ARDA seeks investment

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As the demand for petroleum products across Sub-Saharan Africa is projected to rise by 53 per cent to 177 million metric tonnes by 2040, African Refiners and Distributors Association have called for investments in refinery, story and distribution infrastructure in the region.

Kragha said refineries across Africa must on the short term maximise value addition, while lowering carbon footprint with focus on premium motor spirit, jet fuel and diesel. Kragha said the continent needed coordinated storage and distribution investments to deliver its Energy Transition Plans. Calling for investment in regional, pan-African oil and product pipelines, Kragha stated that only six countries have crude oil pipelines only, while eight have products pipelines only as six countries in the region have both crude and product pipelines.

He said: “Fossil fuels demand and product imports will grow over the next two decades. Major urban population growth results in increased pollution. Sustainable transition to cleaner fuels is imperative to address public health issues.” The Minister of Aviation and Aerospace Development, Festus Keyamo, has stated that the Federal Government is ready to partner and support Airline Operators of Nigeria once they are ready to raise the standard of their services.

Following profit taking in Presco and 20 stocks, negative sentiments resurfaced on the Nigerian Exchange Limited , yesterday, causing the All-Share Index to dip by 0.2 per cent.

 

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