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African Refining: A Promising Yet Unexploited Investment Opportunity (By Daniil Moskalev)

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6 months ago

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African Energy Chamber

By Daniil Moskalev, International Fellow, African Energy Chamber (https://EnergyChamber.org).

In recent years, the African continent has been characterized by the active commissioning of new refining capacities. However, despite this, there is a problem with the energy infrastructure on the continent, which leads to unavailability of refined products. This unavailability is both a blessing and a curse for the African continent, its people and its quest to make energy poverty history. While insufficient refining capacity creates serious challenges for domestic consumers and industry, it presents an attractive opportunity for foreign investors, many of whom have yet to fully grasp the continent’s unique advantages.

Africa: The World’s Breadbasket of Crude Oil

In 2026, the upward trend of hydrocarbon production is expected to remain positive, with the African Energy Chamber’s The State of African Energy 2026 Outlook showing that petroleum production will level at about 11.4 million barrels per day (MMboe/d), rising to about 13.6 MMboe/d by 2030. An increase in petroleum production should correspond with a rise in refining, however, ongoing capacity constraints continue to impact Africa’s refining market, leading to a reliance on imported petroleum. This impacts countries as they strive to build local industries, create jobs and develop technical expertise in the downstream sector.

Importing refined products costs African countries significantly more than processing crude oil at home, as imports involve added expenses such as shipping, insurance and other costs. With much of the continent’s refining infrastructure either obsolete or idle, there lies a critical investment opportunity for financiers and project developers.

Increased Population Mean Increased Consumption

With much of the continent’s refining infrastructure either obsolete or idle, there lies a critical investment opportunity for financiers and project developers

Beyond the current challenge of importing refined products, rapidly growing domestic demand must also be considered, as it could increase Africa’s dependence on external energy supplies. Although Africa is home to 18% of the global population, it consumes less than 5% of the world’s oil products. Sub-Saharan Africa, in particular, has the lowest per capita usage, underscoring the region’s significant potential for future demand growth ( according to information of our report). The expanding African market, driven by population growth and improving living standards, will provoke an increase in consumption. Anticipated demand growth offers strong prospects for new refining facilities. Investment in more advanced processing technologies can deliver higher returns for foreign investors while simultaneously meeting Africa’s urgent and growing demand for refined petroleum products.

Ongoing Challenges: The Case of Dangote

Market size and resource availability does not necessarily guarantee sufficient refining capacity. Take the Dangote oil refinery, for example. Even with its massive scale, this refinery will have only a limited effect on reducing Africa’s fast-rising import reliance. The continent will continue to face shortages of gasoline, diesel, and jet fuel over the forecast period. In the short-term, the capacity of Dangote refinery (617,000 bpd) could partially substitute foreign sources of refined products, but the prioritization of exports is more attractive for foreign investors, that’s why commissioning of new refinery plants does not address fuel accessibility challenges on the ground However, net imports for gasoline and gasoil will widen over the long-term against the backdrop of strong growth in demand and limited additions to refining capacity. Furthermore, the commissioning of the Dangote refinery is hugely significant for the Atlantic Basin’s oil trade due to export promotion, but it barely makes a dent in Africa’s growing requirement for imported refined products.

As stated in the African Energy Chamber’s Outlook 2026, gasoil net imports are projected to reach just under 1.8 million bpd by 2050, whereas gasoline net imports are forecast to exceed 1.5 million bpd. Relying on refined imports leaves countries vulnerable to global supply chain disruptions, shipping bottlenecks and sharp price swing risks that become even more severe during times of crisis. Therefore, the priority of developing domestic energy sovereignty should be to attract downstream investments to meet domestic demand.

So, we need to answer the questions: what can attract investors and what should we do? Foreign investments can be attracted if preferential financing conditions, a stable political environment, confidence in profitability and transparency of the terms of the agreements are provided. When these conditions are partially or fully met, large projects such as The Cabinda Oil Refinery or The Dangote Refinery are born..

What’s Next for African Refining

Given the scale of refining projects, mobilizing external financing is vital. There are several prerequisites to attract investment. Specifically, the availability of crude oil and access to a local domestic market. But countries need to look beyond this to strengthen regulatory frameworks; leverage public-private partnerships; simplify processes and reduce red tape; demonstrate openness to foreign investors; and be ready to meet companies’ half-way.

A Timely Opportunity for Strategic Investment

With political stabilization, the resolution of internal challenges and the establishment of a stable regulatory framework, the African refining market emerges as one of the most undervalued – and therefore potentially highly profitable – investment opportunity for global companies. An able workforce, a well-developed oil production system and growing demand are presented as outstanding incentives to attract investors to the continent. Strengthening the trust of external shareholders and investors can lead to an explosive development of the African oil refining industry. This can become one of the engines that drives African industrialization.

Distributed by APO Group on behalf of African Energy Chamber.

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High-Level Minister Roundup to Headline African Energy Week 2026

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March 20, 2026

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African Energy Chamber

African Energy Week 2026 will convene ministers from Algeria, Ghana, Senegal, Zambia and Niger to spotlight oil, gas expansion, reforms and investment opportunities continentwide

CAPE TOWN, South Africa, March 13, 2026/APO Group/ –A high-level ministerial roundup will take center stage at this year’s African Energy Week (AEW) 2026 – taking place in Cape Town from 12–16 October –, convening some of the continent’s most influential energy leaders at a defining moment for Africa’s oil, gas and power sectors. As hydrocarbon expansion converges with accelerating energy transition strategies, the gathering is set to spotlight real-time project execution, regulatory reform and cross-border infrastructure that are actively reshaping Africa’s energy future.

 

Confirmed ministers to date include Algeria’s Minister of Energy and Renewable Energies Mourad Adjal, Ghana’s Minister for Energy and Green Transition Dr. John Abdulai Jinapor, Senegal’s Minister of Energy, Petroleum and Mines Birame Soulèye Diop, Zambia’s Minister of Energy Makozo Chikote and Niger’s Minster of Petroleum Hamadou Tinni.

 

Fresh from a March OPEC+ decision to lift output to 977,000 barrels of oil per day (bpd), Algeria enters AEW 2026 amid a $60 billion sector transformation. The country is also advancing a 500-well exploration drive and accelerating its 1.48 GW “Project of the Century” solar rollout. Gas exports to Europe remains central to the country, supported by hydrogen corridor planning and refinery expansion aimed at boosting capacity to 50 million tons by 2029.

 

Following license extension for Jubilee and TEN to 2040 and the late-2025 restart of the Tema Oil Refinery, Ghana is pushing a $3.5 billion upstream reinvestment plan while settling $500 million in gas arrears. A 1,200 MW state thermal plant and expanded gas processing at Atuabo anchor its gas-to-power shift, alongside a renewed upstream push in the Voltaian Basin.

The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital

 

Senegal’s delegation comes on the back of strong production momentum, with the Sangomar oil field delivering 36.1 million barrels in 2025, outperforming forecasts, while the Greater Tortue Ahmeyim LNG development ramped up to 2.9 million tons per annum following first gas. Dakar is now prioritizing domestic gas through refinery upgrades at the SAR refinery and preparations for Sangomar Phase 2 to push output beyond 100,000 bpd.

 

Zambia is redefining its power mix after drought-induced hydro shortfalls. New solar capacity – including the 200 MW Chisamba expansion and 136 MW Itimpi Phase 2 – is part of a broader 2,500 MW diversification drive. Cabinet has approved major regional fuel pipelines, while the Energy Single Licensing System fast-tracks approvals. Lusaka targets 10 GW generation by 2030, with solar and wind rising to one-third of supply.

Niger’s presence reflects its emergence as a serious oil exporter, with the fully operational 1,950-km Niger-Benin pipeline now moving up to 90,000 bpd to international markets. Alongside uranium expansion and renewed cooperation with Algeria on upstream assets, Niamey is advancing digital oversight reforms and reinforcing energy sovereignty amid evolving geopolitical dynamics.

 

“The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Their leadership reflects a continent moving decisively from strategy to execution, creating a platform where investors can engage directly with the policymakers shaping Africa’s next wave of oil, gas and energy growth.”

 

At AEW 2026, this ministerial cohort will be well-positioned to offer investors direct insight into Africa’s most dynamic energy markets – where new barrels, new pipelines and new megawatts are reshaping regional growth trajectories in real time.

Distributed by APO Group on behalf of African Energy Chamber.

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Enlit Africa 2026 Programme: 280+ speakers, African nuclear 2.0, Bruce Whitfield Business Breakfast

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1 day ago

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March 20, 2026

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Enlit Africa

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals

CAPE TOWN, South Africa, March 12, 2026/APO Group/ –Enlit Africa (https://apo-opa.co/4cEX08g) has released its full 2026 conference programme, featuring 280+ speakers across 8 specialised tracks including a new African Nuclear 2.0 session covering Koeberg’s 20-year life extension and Ghana’s nuclear vendor selection process.

 

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals.

Award-winning business journalist and best-selling author Bruce Whitfield will deliver the opening address at the Project & Investment Network Business Breakfast on 19 May, kicking off three days of strategic sessions, deal-making platforms, and technical masterclasses.

New programme content includes:

African Nuclear 2.0 – A dedicated session examining the transition from planning to execution, featuring:

Koeberg Nuclear Power Station’s successful 20-year life extension (Units 1 and 2 now licensed until 2044/2045)

Ghana’s progression to Phase 3 of its nuclear programme, evaluating US, Chinese, and Russian technology bids

West African Power Pool‘s 10 GW regional nuclear capacity target

Small Modular Reactor (SMR) deployment readiness across African grids

Independent Transmission Projects (ITP) – A new session exploring how private investment is unlocking Africa’s transmission bottleneck, featuring global case studies from India’s PowerGrid and lessons for scaling grid capacity across the continent.

Generation Masterclasses – Five interactive roundtables on gas-to-power, nuclear, hydro power, clean coal, and hydrogen.

AI in Africa’s Power Grid – Examining practical deployment realities, real-time analytics, and predictive maintenance applications already in operation across African utilities.

Conference sessions and technical hub sessions on the expo floor are CPD-accredited by the South African Institute of Electrical Engineers (SAIEE) and the South African Institution of Civil Engineering (SAICE).

Co-located platforms:

Water Security Africa features country playbooks from Namibia (55-year potable reuse programme), Uganda (NRW reduction from 42% to 32%), Cape Town (Day Zero recovery strategies), and sector-specific stewardship sessions with Harmony Gold, Heineken, Mediclinic, and Growthpoint Properties.

Project & Investment Network (P&IN), part of the new Level 2 Executive Experience, connects project developers, investors, African utility CEOs, and DFIs through structured matchmaking, ministerial dialogues, and project briefings. Over the past two years, P&IN has facilitated $3 billion in project pitches.

Utility CEO Forum brings together 35+ confirmed utility CEOs under Chatham House Rule for candid, off-the-record strategic discussions on unbundling, prosumer management, and financial sustainability.

Municipal Forum addresses South African municipalities’ distribution, metering, and revenue challenges, including sessions on NRW management, tariff reform, Cost of Supply studies, and electrifying informal settlements.

Technical Hub sessions on the exhibition floor offer free, CPD-accredited training across Power, Renewable Energy & Storage, and Water tracks, with confirmed speakers from Eskom, ENGIE SA, ACTOM, National Transmission Company South Africa (NTCSA), RenEnergy, and Matla Energy.

Site visits on 22 May include Koeberg Nuclear Power Station and the V&A Waterfront desalination plant.

Pass options:
Free expo pass registration: https://apo-opa.co/4bl2bYu

Free expo passes provide access to 250+ exhibitors and CPD-accredited Technical Hub sessions.

Delegate Pass:
Early bird registration closes 3 April 2026. Delegate passes start at R15,100 (Silver), with P&IN Executive passes at R32,000 including access to the Bruce Whitfield breakfast, Level 2 executive lounge, and investor matchmaking.

Download the full programme: https://apo-opa.co/3NwCble

Register: https://apo-opa.co/4cEX08g

Distributed by APO Group on behalf of VUKA Group.

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Binance Secures Second Major Legal Victory in U.S. Court Under Anti-Terrorism Act in Two Weeks

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1 day ago

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March 20, 2026

By

Binance

US Federal Court in Alabama Dismisses All Claims Against Binance in Latest Lawsuit Victory

JOHANNESBURG, South Africa, March 12, 2026/APO Group/ –Binance (www.Binance.com), the world’s largest cryptocurrency exchange, announced today that a U.S. federal court in Alabama has dismissed all claims against the company in a lawsuit alleging violations of the Anti-Terrorism Act (ATA). This marks Binance’s second major legal victory in an  ATA matter within one week, following their victory in the Southern District of New York.

A Full and Complete Legal Victory

In a detailed 19-page ruling, the Court found the plaintiffs’ complaint to be legally and factually deficient. The court’s decision to dismiss every claim across the board represents a decisive legal victory for Binance.

Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process

The judge described the filing as a “shotgun pleading.” The complaint failed to clearly specify the claims and improperly grouped all defendants together without distinguishing individual conduct or liability. The ruling also emphasized that the plaintiffs did not meet the basic pleading standard to provide a “short and plain statement” of their claims.

Following the ruling, the court granted the plaintiffs until April 10, 2026, to file an amended complaint addressing the deficiencies identified. However, the judge warned that failure to adequately address these issues would result in dismissal of the entire case.

Building on Momentum and Upholding Legal Integrity

“This decision reinforces our unwavering commitment to protecting Binance and our community from unsubstantiated and bad-faith lawsuits,” shared Eleanor Hughes, General Counsel at Binance. “Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process. Courts have now examined these claims on two separate occasions and found them to be without merit. These outcomes speak for themselves. We will not tolerate attempts to misuse the legal system to target our industry, and we remain as committed as ever to transparency, security, and lawful conduct in everything we do”.

This latest decision follows closely on the heels of Binance’s comprehensive victory in New York (https://apo-opa.co/46Xg0ev), where the Court similarly rejected allegations that the company assisted, participated in, or conspired with terrorists. Together, these rulings reflect Binance’s strong resolve to protect its platform and community.

Binance has consistently invested in industry-leading compliance infrastructure, regulatory engagement, and legal governance. The company will continue to vigorously defend itself against any attempts to bring unfounded claims or misrepresent its operations.

Distributed by APO Group on behalf of Binance.

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