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African Energy Bank Unveils $10bn Project for Nigeria, Angola, Libya

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Africa is poised for a significant leap in oil and gas investment, as $10 billion in funding will be mobilised through the newly established African Energy Bank to support strategic energy projects across the continent.

This announcement was made by the Secretary General of the African Petroleum Producers’ Organisation, Farid Ghezali on Tuesday in Abuja, during the opening ceremony of the 9th Nigeria International Energy Summit 2026, which convened stakeholders from governments, regional petroleum organisations, and the private sector to chart a path for sustainable energy-led industrialisation.

He said the initial phase of this pan-African initiative will focus on Nigeria, Angola, and Libya, targeting key upstream, midstream, and downstream developments.

Ghezali highlighted the urgent need to mobilise capital and deepen regional cooperation, adding that the funding is expected to unlock stalled projects, attract global investors, and enhance regional energy self-sufficiency, providing a long-awaited solution to the continent’s chronic underinvestment in critical energy infrastructure

The fund, aimed at accelerating upstream, midstream, and downstream developments across the three countries, is expected to unlock stalled projects, enhance regional energy security, and create thousands of jobs.

He further called on investors, both local and international, to prepare for immediate opportunities, stressing that this initiative will provide structured financing, access to global capital markets, and support for projects with strong environmental, social, and governance frameworks.

“Allow me to present to you our phased growth. Phase 1 is the African Energy Bank platform with a $10 billion project involving Nigeria, Angola, and Libya, supported by APPO certification and major international oil companies such as Shell and Eni,” Ghezali said.

He added that Phase 2, set for 2027, will introduce a regional gas hub trading system, integrating the Congo Brassaville Declaration and promoting 50 per cent local content in projects. Phase 3, projected for 2030, will see the African Energy Bank mature into a $212 billion financial hub, supporting gas transition and energy transformation across the continent.

The APPO official said the fund is expected to begin rewriting the wrongs of decades of resource underutilisation, as the continent still exports about 70 per cent of its crude oil and 45 per cent of its natural gas, losing an estimated $15 billion annually in value that could be generated locally, particularly in midstream and downstream activities.

Ghezali explained that financing remains a major bottleneck, with borrowing costs in Africa ranging from 15–20 per cent, compared to just 4–6 per cent in Asia.

“Energy is, without a doubt, the engine of peace and prosperity. It lights our homes, powers our industries, creates jobs, and propels us into a brighter future. For Africa, which is rich in energy resources, the challenge is not only to extract, but to transform these resources into real shared wealth for our population.”

“Ladies and gentlemen, despite our immense potential, Africa is facing a paradoxical and frustrating reality. We are still exporting about 70 per cent of our crude oil and 45 per cent of our natural gas, losing $15bn per year in added value that we could generate locally, especially in the midstream and downstream segments. Financing remains the main bottleneck hindering the development of our strategic projects.

“More than 150 essential projects, from refineries to pipelines, such as the AKK pipeline, to gas infrastructure remain blocked. What for? Because the cost of financing in Africa is 15-20 per cent compared to only 4-6 per cent in Asia. This disparity is unacceptable and slows down our progress,” he added.

He stressed that fragmented energy financial ecosystems and isolated national oil companies have hindered progress, limiting the continent’s ability to attract large-scale capital.

“The African Energy Bank is our pragmatic solution,” Ghezali said. “It is not just a financial institution, it is a pan-African platform for equipment exchange, energy services, and innovative financing to support structured projects. It will unlock $200 billion for midstream and downstream initiatives by 2030, standardise regional pricing, generate 500,000 direct jobs, and connect certified projects to global sovereign wealth funds.”

Ghezali explained that the African Energy Bank, scheduled to launch in Abuja in the first half of 2026, is designed to address Africa’s long-standing energy financing challenges, including fragmented national oil company operations and the lack of a unified regional capital platform.

He highlighted the tangible benefits of the initiative, noting that the program will provide project financing, achieve regional savings of up to 30 per cent on import costs, create 500,000 direct jobs, and attract sovereign wealth from global investors.

“The African Energy Bank is much more than a financial institution. It is a pan-African platform for the exchange of equipment, energy services, and a catalyst for innovative financing to support structured energy projects,” he said. “It is time for Africa to produce what we consume and consume what we produce.”

Ghezali further explained that the bank will unlock immediate liquidity by listing shares of national energy companies and aims to raise $15 billion within three years.

The platform will also standardise regional pricing for oil and gas, giving member countries potential savings of $1.4 billion annually, and provide direct access to global capital markets, including sovereign wealth funds such as IDAA and BIA, alongside structured public-private partnerships.

“This initiative will help Africa capture value from midstream and downstream projects, strengthen regional cooperation, and position our continent as a hub for sustainable energy development,” he concluded.

On his part, Executive Secretary of the African Refiners & Distributors Association, Anibor Kragha, stressed the importance of building a resilient intra-African oil and gas industry to meet future energy demands.

“Africa must seize this opportunity to build a robust domestic industry that champions energy security. By refining more crude locally and processing natural gas within the continent, we strengthen regional trade, protect local currencies, and insulate our economies from global shocks,” Kragha said.

He cited Nigeria’s leadership in local refining and petrochemical initiatives, highlighting companies like the Dangote Petrochemical refinery and other modular refineries, which are driving innovation, regional trade, and industrial development.

Kragha also welcomed the African Energy Bank headquarters in Abuja and the bank’s financing distribution plan, noting it would catalyse investments in refineries, pipelines, LPG infrastructure, and downstream manufacturing.

“Our projects must meet critical success factors: effective regulatory frameworks, robust project preparation, clear ESG objectives, and strategic human capital development,” he said.

“As Muhammad Ali once said, ‘If your dreams don’t scare you, they aren’t big enough.’ Africa must aggressively pursue its goal of becoming a West African refinery hub, embracing emerging solutions like green hydrogen and second-generation biofuels.”

The African Energy Bank was conceived to overcome long-standing challenges in project financing, regulatory coordination, and regional energy integration.

By pooling capital, aligning policy frameworks, and providing direct access to investors, the bank aims to reduce import dependency, strengthen energy security, and stimulate industrialisation across member countries.

The launch of the bank aligns with Africa’s projected energy demand growth, particularly in Nigeria, which will become the world’s third-largest population by 2050. Regional energy infrastructure such as the AKK pipeline, OB3, and other gas networks will serve as the backbone for industrial development, creating economic multipliers through refining, petrochemicals, and domestic energy access.

The APPO and ARDA emphasised that the African Energy Bank will also support energy transition projects, including low-carbon fuels for shipping and aviation, helping Africa align with global emission reduction targets by 2050.

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Energy

U.S. to Tweak LNG Safety Rules for Foreign Markets

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With a view to accelerating infrastructure development and reducing operating costs, the U.S. Department of Transportation is contemplating a new set of safety regulations for liquefied natural gas facilities.

This is coming as American exporters prepare for another major expansion in global natural gas markets.

It was gathered that the proposal, issued by the Pipeline and Hazardous Materials Safety Administration (PHMSA), would modernize federal LNG safety requirements by incorporating standards developed by the National Fire Protection Association.

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The changes are to address facility location, engineering, construction, operations, and maintenance, with greater flexibility to adopt newer technologies.

Transportation Secretary, Sean Duffy estimates that the updated framework could save LNG operators approximately $100 million annually while maintaining safety protections. The projected savings are an agency estimate, and the proposal has not yet become a final regulation.

The initiative comes as the United States strengthens its position as the world’s largest LNG exporter. American export capacity is expected to increase by approximately 100 million metric tons annually by the end of the decade, supported by projects already under development and additional planned investments.

Global LNG demand has also become more sensitive to geopolitical disruptions. Interruptions to Middle Eastern gas shipments associated with the conflict involving Iran have encouraged international buyers to evaluate alternative suppliers and diversify long-term procurement arrangements.

U.S. LNG developers have responded with additional investment commitments. Projects representing more than 50 million metric tons of annual capacity have reached final investment decisions since the beginning of 2025.

Major exporters, including Cheniere Energy and Venture Global, are pursuing additional development opportunities as federal policy places greater emphasis on expanding domestic energy infrastructure.

However, regulatory modernization does not eliminate the financial or operational challenges associated with LNG construction.

Developers must still secure the Federal Energy Regulatory Commission (FERC) approvals, complete environmental reviews, arrange financing, and address potential legal challenges. Pipeline connections, specialized equipment availability, construction costs, and long-term customer contracts also influence project schedules.

Delfin LNG, which is developing a floating export facility, illustrates the importance of infrastructure safety approvals. Its associated pipeline has not received publicly confirmed PHMSA clearance to resume operations following an explosion earlier this year.

Separately, FERC has proposed a streamlined authorization framework for certain modifications and expansions at existing LNG facilities, including activities that could qualify for automatic approval or shortened review periods.

For energy investors, the combined regulatory initiatives could improve development visibility and reduce some costs, although their financial impact will depend on final requirements and individual project circumstances.

Additional LNG export capacity could support demand for U.S. natural gas production, particularly from major producing regions connected to Gulf Coast terminals.

Midstream operators, engineering companies, compression equipment manufacturers, and construction contractors could also benefit from continued infrastructure investment.

At the same time, greater export demand may increase domestic natural gas price sensitivity to international markets, creating different implications for producers, utilities, and industrial consumers.

Investors will be monitoring the final PHMSA regulations, FERC permitting developments, LNG project financing decisions, and the pace at which proposed export capacity enters commercial service.

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NALPGAM Preaches Innovation, Safety to LPG Operators

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GAS: New Temile/Hyundai LPG Vessel to bring down high cost of cooking gas in Nigeria-NCDMB

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has urged operators in Nigeria’s liquefied petroleum gas (LPG) industry to strengthen safety standards, improve regulatory compliance and adopt digital technologies to reduce operational losses and drive business growth.

The association said improved operational practices would help protect investments, enhance efficiency, build consumer confidence and support the sustainable expansion of C.

The call followed its 2026 webinar, themed “Downstream LPG Operational Excellence and Compliance,” which brought together industry operators, regulators and other stakeholders to discuss safety risks, market volatility, operational inefficiencies and regulatory requirements in the downstream LPG sector.

Speaking at the event, NALPGAM National President, Edu Inyang, said the industry’s long-term growth would depend on more than increased consumption and supply volumes, stressing the need to embed safety and operational efficiency in everyday business practices.

“The future of Nigeria’s LPG industry cannot be achieved by increasing volumes alone. We must grow safely, responsibly, efficiently and sustainably. Safety is not an occasional campaign; it must become a continuous industry culture,” he said.

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A major outcome of the webinar was a proposal for a NALPGAM Standard of Operational Excellence, anchored on four principles: safe and well-maintained facilities, competent and adequately trained operators, regulatory-compliant processes, and consumer protection.

Participants urged operators to integrate safety into routine operations, strengthen preventive maintenance and comply with licensing and incident-reporting requirements.

They also called for an end to unsafe practices, including unauthorised propane blending and illegal decanting, warning that such activities could expose businesses and consumers to avoidable risks.

Inyang said compliance should be viewed as a means of strengthening business performance rather than merely fulfilling regulatory obligations.

“Compliance is not merely a regulatory burden; it is a business advantage. Well-managed LPG operations reduce accidents, improve efficiency, protect investments and strengthen public confidence in our industry,” he said.

The webinar also highlighted the role of digital technologies in improving operational efficiency and accountability across the LPG value chain.

Participants identified smart filling systems, automated tank gauges, load cells, flow meters and vehicle-tracking systems as practical tools for monitoring product movements, reducing losses and improving inventory management.

Wider adoption of these technologies, they said, could help operators strengthen operational controls, minimise discrepancies and improve the reliability of LPG distribution.

The discussions come as Nigeria seeks to expand LPG consumption to approximately five million tonnes annually by 2030, a target that will require increased investment, stronger distribution networks and wider consumer access.

Stakeholders called for greater industry participation in the Decade of Gas LPG penetration programme, alongside stronger collaboration to expand access, improve cylinder traceability and promote certified local manufacturing.

The NALPGAM also urged regulators and programme coordinators to involve its members more actively in implementing LPG penetration and cylinder recirculation initiatives.

According to the association, its members’ nationwide presence and proximity to consumers could help improve the reach and effectiveness of programmes designed to increase LPG adoption.

Reiterating the association’s position, Inyang said the industry must establish clear operational standards that protect consumers while supporting efficient and sustainable business practices.

“Our aspiration is clear: every LPG facility must be safe and properly maintained, every operator competent and adequately trained, every process compliant, and every customer protected. This is the standard of operational excellence we must collectively pursue,” he said.

The NALPGAM reaffirmed its commitment to working with government agencies, regulators and industry stakeholders to develop a safer, more efficient and competitive LPG market.

The association maintained that embedding safety, strengthening compliance and deploying appropriate technologies would be critical to improving operational performance and supporting the long-term growth of Nigeria’s LPG industry.

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Fears of Fresh US Strikes on Iran Fuels Crude Price Surge

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OPEC Appoints Next Secretary General, Effective August 2022

Fears of renewed US military strikes on Iran and escalating threats to energy infrastructure across the Middle East heightened concerns about global crude supplies have pushed-up crude oil prices in the global market.

These factors pushed crude oil prices over $117 a barrel in the global market, even as oil theft and pipeline losses in Nigeria fell by 82.9 percent in five years, from 102,900 barrels per day (bpd) in 2021 to 17,600 bpd in the first seven months of 2026, amid fresh concerns about further increases in lost volumes after years of decline.

Nigeria’s oil benchmark, Brent crude, climbed by about 3.5 percent to cross $117 a barrel during trading before easing to just above $116, still up approximately 2.7 percent.

READ ALSO: Navy Uncovers 132,000 Litres of Stolen Crude Oil in Bonny

The latest rally followed reports that Washington was considering fresh military strikes against Iran after the November 3 midterm elections, raising concerns that the conflict, now in its eighth month, could escalate further rather than move towards a diplomatic resolution.

Iran had threatened to attack oil facilities, undersea cables, data centres and artificial intelligence infrastructure across the Gulf if the United States and Israel launched a new offensive against the country.

Recall that Brent crude traded at about $72 a barrel in February, before the war began, but surged to about $126 a barrel by the end of April as the conflict intensified and concerns mounted over supply security.

Tensions rose again during the week following claims by Iran’s Islamic Revolutionary Guards Corps (IRGC) that it struck four commercial vessels in the Strait of Hormuz on Wednesday.

The US ordered some diplomats and family members of American government employees to leave Saudi Arabia, which had faced continued attacks by Houthi rebels operating from Yemen.

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