The Organisation of Petroleum Exporting Countries (OPEC) has projected a $1.5 trillion downstream investment for between 2021 and 2045.
OPEC also predicted that of the amount, $450billion would be invested in new refinery projects and extension of existing ones.
It added that of this, “80 per cent or $9.2 trillion is in the upstream, with another $1.5 and $1.1 trillion needed in the downstream and midstream”.
Its Secretary-General, Mohammad Sanusi Barkindo, made this known in his videotape remarks at the African Refiners and Distributors Association (ARDA) conference.
The theme of the conference was “Developing Africa’s Downstream Energy Transition Plan.”
He said: “These overall positive developments in the African downstream will help increase local refined product output while reducing product imports from other regions.
“In terms of downstream investment, we estimate a total of roughly $1.5 trillion will be spent during the period 2021-2045. $450 billion of this will be invested in new refinery projects and expansions of existing units. Most of these projects will be located in developing countries, including Africa.”
