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African Energy Chamber (AEC) Voices Support for Venezuela, Emphasizing Stability as the Gateway to Energy Recovery and Long-Term Growth

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10 months ago

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African Energy Chamber

Stability is the key to unlocking Venezuela’s vast energy potential, restoring investor confidence and enabling oil and gas to drive economic recovery, unity and long-term growth

CARACUS, Venezuela, January 5, 2026/APO Group/ –Venezuela enters 2026 amid heightened uncertainty following the detention of the country’s president by the United States and the subsequent announcement by the supreme court that Delcy Rodríguez has assumed the role of Acting President. These developments have placed renewed focus on the importance of institutional continuity and stability at a moment when Venezuela’s economic and energy future hangs in the balance.

 

For the African Energy Chamber (AEC), stability remains the single most critical requirement for development. Venezuela holds the largest proven oil reserves in the world, a resource base with the potential to transform the country’s economic trajectory, rebuild infrastructure and restore energy security. Realizing this potential, however, will depend on predictable governance, responsible resource management and the creation of mutually beneficial contractual frameworks that encourage long-term investment. At this critical juncture, the AEC calls on the energy industry and the international community to provide maximum support to Acting President Rodríguez, encouraging unity, institutional continuity and a nationally driven development agenda.

 

“This is the time to continue encouraging everyone to invest in Venezuela. We call on African states and leaders as well as the Global South to give the Acting President and the Venezuelan people support as they determine their future, sovereignty and how they want to proceed,” stated NJ Ayuk, Executive Chairman, AEC.

 

The AEC has long-held a strong working relationship with both Acting President Rodríguez and Venezuela at large. For her part, Acting President Rodríguez – who also serves as Oil Minister – has long-supported Africa’s right to use its oil resources to better the lives of its people. Under her leadership, the country – through its state-owned PDVSA – has developed strong international ties with Africa. Looking ahead, the Chamber believes that the Global South stands to benefit from continued multilateral, respectful engagement.

 

Importantly, Venezuela is not isolated from the Global South’s energy dialogue. As a founding member of OPEC, Venezuela has spearheaded the inclusion of African countries in the organization, recognizing their role in stabilizing global energy markets. Meanwhile, as an Honorary Member of the African Petroleum Producers’ Organization, the country has long recognized the value of South-South cooperation, shared technical expertise and collective approaches to resource development. This relationship underscores Venezuela’s alignment with producer nations that view hydrocarbons not as a liability, but as a development tool capable of driving industrialization, energy security and social progress when managed responsibly.

 

Beyond that, Venezuela continues to lead capacity building programs with African companies and students. The country trains African students, fosters leadership development and opens opportunities for African companies to invest in the country – not only in energy but various other sectors.

We call on African states and leaders as well as the Global South to give the Acting President and the Venezuelan people support as they determine their future

 

For Venezuela, oil remains the backbone of the economy and the most powerful lever available to accelerate recovery. Even after years of decline, hydrocarbons still account for close to 90% of export revenues and more than half of government income, while contributing an estimated 17% to 20% of GDP. Venezuela holds the world’s largest proven oil reserves at approximately 303 billion barrels, representing around 17% of global reserves. At current and projected oil prices, the in-ground notional value of these resources is measured in the tens of trillions of dollars, placing Venezuela among the most strategically significant energy geographies in the world.

 

Production realities, however, highlight both the scale of the challenge and the opportunity ahead. After collapsing to roughly 300,000 barrels per day (bpd) in 2020, output has recovered to approximately 900,000 to 1.1 million barrels per day as of early 2026. This remains far below the historical peak of 3.4 million bpd reached in the late 1990s, but it demonstrates that Venezuela’s industry is not irreparably damaged. With stable governance, regulatory clarity and sustained investment of around $10 billion per year, production in the country has the potential to reach 2.5 million bpd over the next decade, with a return to peak levels requiring cumulative investment in the range of $80 billion to $100 billion.

 

The heart of this recovery lies in the Orinoco Heavy Oil Belt, which covers some 55,000 km2 and contains nearly 90% of Venezuela’s reserves. Blocks such as Petropiar, Ayacucho and the Zuata Complex anchor current output, though the extra-heavy nature of the crude means that access to dilutants, upgrading capacity and modern technology will be essential. Alongside oil, offshore natural gas presents an important diversification opportunity. Projects such as the Dragon field, estimated to hold more than 4 trillion cubic feet of gas, and the Cocuina-Manakin development near Trinidad offer pathways to monetize gas through regional LNG markets, support power generation and reduce the economy’s overreliance on crude exports.

 

Infrastructure rehabilitation will be equally critical. Venezuela’s refining system, with nameplate capacity of around 1.46 million bpd, is operating at just 10% to 20% due to decades of deferred maintenance. Pipelines, many of them more than 50 years old, require billions of dollars in upgrades, while the country’s state-owned Petróleos de Venezuela, S.A. estimates total infrastructure needs of roughly $58 billion to restore functionality across the value chain. These investments have the potential to become employment engines and confidence signals that can rapidly improve domestic economy conditions.

 

International participation, mutually-beneficial investment terms, transparency and local involvement will be indispensable in this process. Existing involvement by companies such as Chevron, which currently produces around 240,000 to 250,000 bpd through joint ventures, illustrates the catalytic role that experienced operators can play. European firms including Eni, Repsol and Shell, alongside service providers such as SLB, Baker Hughes and Halliburton, have maintained a presence focused on asset integrity and selective growth under constrained conditions. By evolving into mutually-beneficial contracts, these relationships can form the backbone of a broader re-engagement by the global energy industry.

 

“Venezuela sits atop extraordinary natural wealth, and the lesson from Africa is clear: when stability is prioritized and the energy sector is allowed to function responsibly, hydrocarbons can drive recovery, unity and long-term development. The industry and the international community must come together at this critical moment,” concluded Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

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Africa and Caribbean trade potential could reach $1.65 billion annually by 2030: International Trade Centre (ITC)-Afreximbank report

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2 hours ago

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November 4, 2026

By

Afreximbank

The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped

ST. JOHN’S, Antigua and Barbuda, November 3, 2026/APO Group/ –Annual trade in goods and services between Africa and the Caribbean could reach up to $1.65 billion by 2030, excluding mineral fuels, according to a new report launched today by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank) (www.Afreximbank.com) on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda.

 




  

The report, Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, (https://apo-opa.co/4eiz62u) finds that while Africa and the Caribbean share deep historical and cultural links, trade between the two regions continues to represent only a small share of each region’s overall trade, despite complementarities across sectors ranging from agribusiness and manufacturing to services and the creative economy.

A look at the numbers

The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped, with are significant opportunities for export growth if trade and investment is actively promoted and facilitated.

Africa and the Caribbean must transform a shared history into shared prosperity

Caribbean export potential lies in the services sector, reaching $481 million. The report identifies business opportunities across several priority sectors, including processed food and animal feed, chemicals, minerals and metals, apparel and textiles, leather and footwear, tourism, transport services and creative industries.

These findings – and more – are based on trade and export potential analysis, detailed sector assessments and a survey of 1,175 businesses and business support organizations across Africa and the Caribbean.

Tapping into priority sectors

ITC Executive Director Pamela Coke-Hamilton (https://apo-opa.co/3WHHZMU), in launching the report, said: ‘At a time of major shifts in global trade, countries need to strengthen regional ties and invest in value addition, to build resilience. We know the major trade opportunities between Africa and the Caribbean – and now we can focus on helping businesses take advantage of those opportunities through better market intelligence, improved logistics and greater access to finance.’

Commenting on the report, Denys Denya, Senior Executive Vice President at Afreximbank, said: ‘Africa and the Caribbean must transform a shared history into shared prosperity. With our CARICOM office in Barbados, about $1 billion in approved transactions and a $5 billion regional financing commitment, Afreximbank is advancing this vision through financing, deposit mobilization under CENDEP, business links through the annual Afri-Caribbean Trade and Investment Forum, local-currency payments through CAPSS and creative-industry collaboration through CANEX. This report offers a practical roadmap to turn untapped potential into bankable opportunities across agribusiness, manufacturing, tourism and the creative economy. Through targeted financing, stronger transport and logistics links and strategic partnerships, we can build a Global Africa connected by heritage, trade, investment and shared opportunity.’

The report finds that businesses continue to face significant challenges, including high transport costs, limited direct shipping links, regulatory barriers, limited access to finance and difficulties in identifying trusted commercial partners. It highlights that future economic cooperation should extend beyond traditional trade in goods, including through joint investment ventures, digital services, creative industries and tourism. It also calls for targeted action to improve market intelligence and business matchmaking; expand access to trade finance and payment solutions; strengthen transport and logistics connectivity; support sector-specific value chain development; improve regulatory cooperation and market access; and foster stronger partnerships among business support organizations.

Read the full report HERE (https://apo-opa.co/4exHBH9)

Distributed by APO Group on behalf of Afreximbank.

 




 

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MSGBC Oil, Gas & Power 2026 Investment Track to Spotlight New Capital Opportunities

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2 hours ago

on

November 4, 2026

By

Etu Energias

A high-level ministerial roundtable, a project development clinic and matchmaking sessions are set to drive partnerships across the MSGBC region

DAKAR, Senegal, November 3, 2026/APO Group/ –The MSGBC Oil, Gas & Power 2026 conference and exhibition, taking place from December 1–3 in Dakar, will introduce a dedicated Investment Track designed to deepen capital engagement across West Africa’s energy landscape. Building on the region’s expanding upstream activity, infrastructure development and cross-border integration, the track will serve as a platform where governments, investors and project developers can align on investment pathways across the MSGBC basin.

 




  

At the core of the Investment Track will be the Ministerial Leadership & Global Capital Roundtable, where energy ministers will convene to examine how enhanced regional cooperation, regulatory alignment and coordinated infrastructure development can accelerate capital flows into the sector. The session is expected to focus on the policy and financing frameworks required to unlock large-scale projects, including investment codes such as Mauritania’s 2025 reform, as well as strengthening fiscal incentives and improving regulatory clarity to attract capital into the energy sector.

The Investment Track is designed to move beyond dialogue and into deal facilitation, bringing together decision-makers who can directly shape the next phase of energy investment

For the first time at the MSGBC Oil, Gas & Power event, the Project Development Clinic will introduce a more technical format. In this small-group advisory setting, project developers, government representatives and investors will engage directly on project challenges. The clinic aims to improve project structuring, address financing bottlenecks and identify practical solutions to accelerate development timelines and move projects closer to final investment decisions.

The Investment Track will also feature structured Business-to-Business Matchmaking sessions designed to connect stakeholders across the energy value chain. These targeted engagements will facilitate discussions between investors, operators, service companies and public-sector institutions, enabling participants to explore partnerships and co-investment opportunities.

Together, these sessions reflect the MSGBC region’s broader shift toward investment-led growth. In Senegal, this momentum is already visible through the partnership between state-owned agencies APIX and COS-PETROGAZ to improve the business environment for energy projects and streamline investment processes. With PETROSEN advancing development work on the Yakaar-Teranga gas project and targeting a final investment decision in December 2026, alongside new exploration opportunities emerging onshore, the Investment Track will provide a platform to connect the region’s resource potential with investors and project developers.

“The Investment Track is designed to move beyond dialogue and into deal facilitation, bringing together decision-makers who can directly shape the next phase of energy investment across the region. By creating a space for investors, project developers and public-sector stakeholders to engage directly, the track will help turn investment priorities into concrete partnerships and project opportunities,” states Sandra Jeque, Events and Project Director, Energy Capital & Power.

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sector. Visit www.MSGBCOilGasAndPower.com to secure your participation at the MSGBC Oil, Gas & Power 2026 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 




 

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Afreximbank and partners bring together investors and industrialists in Benin to Accelerate local processing and investment in Special Economic Zones

Published

2 hours ago

on

November 4, 2026

By

Afreximbank

Held under the theme “Investing in Local Processing and Industrialisation”, the forum brought together international investors, industrialists, buyers and development finance institutions to explore the vast opportunities for local processing and strategic partnerships offered by the GDIZ

COTONOU, Benin, November 3, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in partnership with the Société d’Investissement et de Promotion de l’Industrie (SIPI-BENIN S.A), the entity responsible for developing the Glo-Djigbé Industrial Zone (GDIZ), and Panafritex, hosted the Special Economic Zones Investment Forum (FocusSEZ 2026) on 21 and 22 October 2026 at the Sofitel Cotonou Marina Hotel and the GDIZ.

 




  

Held under the theme “Investing in Local Processing and Industrialisation”, the forum brought together international investors, industrialists, buyers and development finance institutions to explore the vast opportunities for local processing and strategic partnerships offered by the GDIZ.

Local processing at the heart of discussions

In his address, Mr Jean Arsene Yemina, Regional Director of Operations for Francophone West Africa at Afreximbank, speaking on behalf of Ms Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank, highlighted the role of financing and industrial partnerships in transforming Africa’s raw materials into finished products:

“Here in Benin, textiles have become the driving force behind this transformation. The Glo-Djigbé Industrial Zone was established through a partnership between the Government of Benin and ARISE IIP, with Afreximbank proud to have contributed to financing its development.

“Here in Benin, the textile industry has become the driving force behind this transformation. The Glo-Djigbé Industrial Zone was created through a partnership between the Government of Benin and ARISE IIP, and Afreximbank is proud to have helped finance its establishment. Today, the zone is home to West Africa’s first fully integrated cotton-to-garment manufacturing platform, operated by Benin Textile (BTEX). The entire value chain, from ginning and spinning to weaving and finished garments, is carried out on African soil by African hands. Before the creation of the GDIZ, less than 1% of Benin’s cotton was processed locally. In just three years, the zone has come to process approximately 40,000 metric tons of cotton—nearly 12% of national production—and to produce millions of “Made in Benin” garments for major international brands such as US Polo, Kiabi, and H&M.”

He also highlighted similar efforts underway at the GDIZ to develop local processing in the cashew, soybean and shea value chains.

Mr Létondji Beheton, Director General of SIPI-BENIN S.A., emphasised the need to strengthen value addition across the continent:

“Our ambition can no longer be limited to producing and exporting raw materials. We must go further by processing more of these resources on our continent, developing competitive industries, strengthening our value chains and retaining a greater share of the wealth generated from our natural resources.”

He added: “It is against this backdrop that the Glo-Djigbé Industrial Zone (GDIZ) was established, as the outcome of a public-private partnership between the Republic of Benin and ARISE Integrated Industrial Platforms (ARISE IIP). This integrated industrial platform embodies a shared commitment to making local processing a driver of economic growth, job creation and industrial development.

“By attracting manufacturing facilities and developing integrated value chains, the GDIZ is helping transform raw materials into higher-value-added products, strengthen Benin’s industrial capacity and enhance its competitiveness in regional and international markets. In doing so, it is contributing to the development of a more diversified economy that generates wealth and creates sustainable opportunities for the country.”

Africa has significant potential to strengthen its position in the global textile industry

Mr Arvind Mathur, CEO of PANAFRITEX, highlighted the role of ARISE IIP’s textile platform in developing an integrated textile industry in Africa, capable of transforming the continent’s cotton into finished, high-value-added products.

“Africa has significant potential to strengthen its position in the global textile industry. Realising this ambition will require the development of integrated industrial capacities that can transform cotton grown on the continent into higher-value-added finished products, while enhancing the competitiveness of the sector and expanding its access to international markets.

“At PANAFRITEX, we are contributing to this momentum by developing a model that brings together industrial processing, business development and the promotion of finished products. Our own brands, Obalé and SúSú, are part of this approach, connecting Africa’s manufacturing capabilities with consumer markets.

“The commissioning of our first industrial facilities at the GDIZ in Benin marks a major milestone in the rollout of this model. At the same time, the development of new facilities in Cameroon, Kenya, Nigeria, Ghana and Tanzania reflects our ambition to progressively expand our industrial footprint across the continent.

“Through this expansion, we aim to contribute to strengthening Africa’s textile value chains, creating skilled jobs and ensuring that a greater share of the value generated is retained locally.”

Financing, Market Access and Business Networking

Discussions focused on the development of a new generation of African industrial hubs, the cotton value chain, financing for the textile industry, as well as logistics and integrated supply chains. The programme also featured business-to-business (B2B) and business-to-government (B2G) meetings with targeted public-sector institutions, aimed at identifying investment opportunities, financing solutions and potential business partnerships.

Afreximbank presented the range of financial instruments and support facilities it offers investors and businesses to facilitate the establishment and expansion of their industrial operations. These include long-term financing and equipment financing, trade finance and working capital facilities, guarantees and risk-sharing mechanisms, as well as project preparation support and equity investment through the Fund for Export Development in Africa (FEDA).

The Bank also highlighted its Africa Buyers Programme, which connects African buyers with manufacturers operating in industrial zones across the continent. The initiative aims to complement access to finance with market opportunities for products manufactured in Africa.

A full day was dedicated to a visit to the GDIZ, during which participants toured its infrastructure and industrial facilities and took part in business matchmaking sessions bringing together investors, manufacturers and buyers. These activities were designed to facilitate the establishment of new manufacturing facilities and expand sourcing opportunities for “Made in Benin” products, particularly in agribusiness, textiles, plastics, packaging and industrial equipment.

Across sectors ranging from agro-processing and textiles to plastics, packaging and industrial equipment, the overarching objective is to accelerate the establishment of new production facilities and strengthen the supply of quality-certified “Made in Benin” products.

An Integrated Model for Advancing Industrial Sovereignty

Covering 1,640 hectares, the Glo-Djigbé Industrial Zone (GDIZ) is the result of a strategic partnership between the Republic of Benin and ARISE Integrated Industrial Platforms. Designed as a comprehensive, integrated ecosystem, it supports investors across the entire value chain, from securing supplies of locally sourced agricultural and mineral raw materials to industrial processing and the export of finished products, leveraging its direct connectivity to the country’s logistics infrastructure and the Port of Cotonou.

By hosting this international forum, Benin is once again demonstrating its ability to offer an attractive business environment, an enabling regulatory framework and world-class infrastructure to help build the future of African industry.

Distributed by APO Group on behalf of Afreximbank.

 




 

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