Riyadh donates $3m to oil lobbyist NJ Ayuk's African Energy Week
Saudi Arabia recently committed $3m to African Energy Week to be held in Cape Town in October 2023. The event is organised by the African Energy Chamber oil lobby chaired by NJ Ayuk.
Afreximbank is being pressured by its Western partners to move away from financing fossil fuel projects. The pan-African lender is nevertheless working on the creation of a new bank entirely dedicated to the sector, even if the plan faces many obstacles.
After having risen to more than $9 in June 2021, the price of shares in the small Canadian company, which is active in Namibia and Botswana, has recently collapsed. It looks like the grace period it had been enjoying - to the great annoyance of its competitors - is finally over.
Lobbyists for the African Energy Chamber have been working towards a rapprochement with their competitor, the London-based events group Hyve. But reconciliation between the organisers of the two rival Cape Town powwows still seems a long way off.
With the exception of Namibia and Mozambique, Africa has ceased to be attractive to US oil companies, which are gradually withdrawing from the market. This strategy is the opposite of that adopted by the Chinese and Russians, which are continuing to push ahead.