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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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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 Launches the First Pan-African Pact for Insurance Inclusion

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June 23, 2026

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400 decision-makers gathered in Cotonou to accelerate access to insurance and contribute to doubling insurance penetration by 2040

DAKAR, Senegal, June 23, 2026/APO Group/ –Faced with a major paradox representing nearly 19% of the world’s population while accounting for less than 1% of global insurance premiums African insurance stakeholders are mobilizing.

 

From July 6 to 8, 2026, the Federation of African National Insurance Companies (FANAF) will organize the General Assembly on Insurance for All at the Sofitel Hotel in Cotonou, Benin, a major pan-African gathering dedicated to inclusive insurance.

The event will bring together nearly 400 African decision-makers from governments, regulatory and supervisory authorities, insurance and reinsurance companies, financial institutions, development banks, technical and financial partners, as well as professional organizations from across the continent.

The ambition is clear: to foster a shared vision and concrete commitments aimed at accelerating access to insurance for African populations while strengthening the sector’s contribution to the continent’s economic and social development priorities.

The discussions will culminate in the adoption of the Pan-African Pact for Insurance Inclusion and a 2026–2030 Strategic Action Plan, designed to structure collective action around an ambitious objective: contributing to the doubling of insurance penetration across the FANAF region by 2040.

An Economic, Social and Development Imperative

Within the CIMA zone, insurance penetration remains below 1% of GDP, compared to more than 6% globally.

As a result, millions of households, farmers, entrepreneurs, SMEs and informal sector actors remain deprived of essential protection mechanisms against health, climate, economic and social risks.

For FANAF, this reality now constitutes a major development challenge.

Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments

“Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments. The Cotonou General Assembly must mark the starting point of a new continental ambition for African insurance and its role in the continent’s economic transformation,” said Mamadou Koné, President of FANAF.

Beyond Insurance: A Driver of Continental Transformation

For FANAF, insurance is no longer merely a risk coverage mechanism. It is also a strategic lever for economic resilience, savings mobilization, investment security, SME financing, support for climate transitions and the strengthening of financial inclusion.

Through this General Assembly, FANAF seeks to reposition insurance as a key stakeholder in Africa’s economic, social and financial transformation.

A Pact to Accelerate Action

The conclusions of the General Assembly will lead to the adoption of the Pan-African Pact for Insurance Inclusion, a reference framework intended to mobilize governments, regulators, market players, financial institutions and development partners around shared objectives.

The Pact will be accompanied by a 2026–2030 Strategic Action Plan defining priority intervention areas, coordination mechanisms and monitoring arrangements for the commitments undertaken.

A broad mobilization of public, private and financial partners will support its implementation in order to translate commitments into tangible results for African populations and economies.

Cotonou 2026: Building a Shared Vision

Beyond the insurance sector, the General Assembly aims to create an unprecedented platform for dialogue between governments, regulators, investors, financial institutions, technical partners and market actors in order to identify the levers needed to accelerate insurance inclusion across the continent.

Holding this event in Benin reflects the country’s broader economic and financial transformation momentum and illustrates the collective determination of African stakeholders to develop solutions tailored to the continent’s realities.

Through this initiative, FANAF intends to make Cotonou 2026 a defining moment for the future of African insurance and the starting point of a lasting continental mobilization in favor of insurance inclusion.

Distributed by APO Group on behalf of Fédération des Sociétés d’Assurances de Droit National Africaines (FANAF).

 

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Flat6Labs and International Finance Corporation (IFC) Launch StartAlgeria, a Capacity-Building Program Designed to Empower the Organizations Progressing Algeria’s Startup Ecosystem

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June 23, 2026

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StartAlgeria comes at a key moment for Algeria’s entrepreneurship landscape, shifting the focus toward improving how the ESOs operate by providing them with international best practices

ALGIERS, Algeria, June 23, 2026/APO Group/ –Flat6Labs (www.Flat6Labs.com) and IFC in collaboration with the Ministry of Knowledge Economy, Startups and Micro-Enterprises are launching StartAlgeria, a capacity-building program that puts Entrepreneur Support Organizations (ESOs) at the forefront of Algeria’s ecosystem future. The program is designed to equip Algerian ESOs reinforcing pre-seed and seed-stage startups with the expertise, frameworks, and networks needed to contribute to a stronger, more competitive entrepreneurship ecosystem in Algeria and expand into global markets.

 

StartAlgeria comes at a key moment for Algeria’s entrepreneurship landscape, shifting the focus toward improving how the ESOs operate by providing them with international best practices adapted to each organization’s needs, a community-driven approach that focuses on peer learning, and facilitating connections with investors, policymakers, and key stakeholders.

Algeria’s entrepreneurial community is among the most dynamic and vibrant in the region, and the potential is not just real, it is ready to scale

StartAlgeria will pilot a first cohort focusing on incubators in the capital, Algiers. Following a call for application, the selected ESOs will go through a structured program comprising workshops and masterclasses covering key areas such as startup selection, program design and delivery, and investment readiness. In addition to the core program, participating ESOs will benefit from 6months of post-program mentorship, focusing on areas such as fundraising strategy, partnership development, financial sustainability, and program improvement. This sustained engagement’s goal is to provide a lasting impact in how Algerian ESOs operate and what they’re able to offer the startups they champion.

Yehia Houry, CEO of Flat6Labs, shares “Algeria’s startup ecosystem is demonstrating remarkable potential and a rapidly growing level of maturity, driven by an ambitious new generation of founders, increasing institutional support, and a strong national commitment to innovation and entrepreneurship. The opportunity today lies in further empowering entrepreneurship support organizations to match this momentum by strengthening their ability to identify and nurture high-potential startups, deliver impactful and results-driven programs, and create stronger connections between entrepreneurs and sources of capital. With the right support structures in place, Algeria is well positioned to become one of the leading innovation hubs in the region.”

“Algeria’s entrepreneurial community is among the most dynamic and vibrant in the region, and the potential is not just real, it is ready to scale. Through StartAlgeria, we are committed to ensuring that the organizations standing behind founders are equipped with the tools, frameworks, and expertise to take them from early ideas to investment-ready ventures. This program is a direct expression of IFC’s long-term confidence in Algeria’s private sector and in the ecosystem’s capacity to produce the next generation of high-impact companies.” underscored Cemile Hacibeyoglu Ceren, WBG Resident Representative in Algeria.

“The launch of StartAlgeria marks an important step in reinforcing Algeria’s startup support ecosystem. By strengthening the capabilities of Entrepreneur Support Organizations, we are investing in the long-term growth, resilience, and international competitiveness of Algerian startups. This initiative reflects our shared ambition to build a dynamic innovation-driven economy and create new opportunities for entrepreneurs across the country,” said H.E Mr. Noureddine Ouadah, Minister of Knowledge Economy, Startups and Micro-Enterprises.

This IFC program is implemented in partnership with the Government of the Netherlands.

Distributed by APO Group on behalf of Flat6Labs.

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Hong Kong unlocks new opportunities with Central Asia

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7 hours ago

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June 23, 2026

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HONG KONG SAR – Media OutReach Newswire – 23 June 2026 – Led by Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, a high-level delegation visit to Kazakhstan and Uzbekistan (May 31 – June 5) is already paying dividends, forging fresh opportunities to deepen ties between Central Asia, Hong Kong and the Chinese Mainland.

The business delegation comprised over 70 representatives from Hong Kong and Mainland enterprises of various sectors.

During the visit, 96 bilateral memoranda of understanding and agreements were reached, including a total of 15 co-operation documents at the government level between Kazakhstan and Uzbekistan respectively.

“The examples of agreements and co-operation are just so abundant that they range from the service sector to heavy industries such as mining and infrastructure development,” Mr Lee said. “I think the sky is the limit.”

The multiple outcomes achieved during the trip demonstrate Hong Kong’s role as a functional platform for the Belt and Road (B&R) Initiative, as the city actively plays its roles as a “super connector” and “super value-adder” to promote broader and deeper co-operation between the two places and establish a hub-to-hub co-operation model.

“Kazakhstan is an important commercial and logistics hub connecting China and Europe. It is also the place where the Belt and Road Initiative was first proposed, and is Hong Kong’s largest trading partner in Central Asia. There are broad prospects for further co-operation,” Mr Lee said, adding that a lot of B&R projects are also being pursued in Uzbekistan.

“For example, Uzbekistan sits in the heart of the corridor of Asia and Europe, so logistical development, railway development, and also how we can complement and supplement each other in cargo handling will be an area for a very wide range of co-operation.”

The Chief Executive also encouraged companies in Central Asia to leverage Hong Kong’s advantages under the “one country, two systems” principle.

“Under this unique principle, Hong Kong has its own economic, social, legal, legislative and judicial systems. We are the only common law jurisdiction in China. We have our own currency, with no capital or foreign exchange controls. We are, as well, a separate customs territory,” Mr Lee said.

Building on the positive outcomes from the delegation’s mission to Central Asia, Mr Lee welcomed the Deputy Prime Minister of Kazakhstan, Kanat Bozumbayev, to Hong Kong (June 10) and they both attended the Alatau City Investment Round Table (June 11).

Speaking at the event, Mr Lee said Hong Kong could contribute to the future success of Kazakhstan’s innovative, high-tech Alatau City in three concrete ways: as a gateway to global capital; a gateway to the Chinese Mainland and the Greater Bay Area; and as a partner in talent and technology.

“We share a development vision with Alatau City and Kazakhstan,” Mr Lee said, “Today, right here, right now, is a golden opportunity to bring our two economies closer together.”

He looked forward to Hong Kong and Kazakhstan achieving complementary advantages and co-ordinated development across different sectors and welcomed enterprises in Kazakhstan to make good use of Hong Kong’s premier financial and innovation and technology platforms, as well as its world-leading professional services, to explore more business opportunities.

 

 

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