African countries will need about $15.7 billion to upgrade existing 36 refineries on the continent to produce petroleum products that will conform with a planned level of sulphur content. The African Union and ARDA had planned an initiative called AFRI-6, which aimed at reducing Sulphur content in fuels to 10 parts per million (ppm) in the coming years. xx“Targeted financing needed for projects to upgrade refineries and infrastructure to produce and transport cleaner fuels,” he also commented. In the face of shrinking investment into the oil and gas sector, Adasen expressed the need to prioritize projects that would improve production of cleaner fuels and increase advocacy by key stakeholders. x“Fastest path towards success is with sponsor groups featuring a strong balance sheet and with well-structured offtake agreements (offshore hard currency contracts preferred),” Doyle said.

Source: The Guardian June 02, 2021 04:30 UTC