Addax & Oryx Group (AOG) plans to invest $400 million in Africa's energy sector over the next five years, its Chief Executive said, in a strategic U-turn after sales talks collapsed last year. AOG's focus on the African downstream will pit the privately-owned Swiss firm against rivals Vitol and Trafigura which are also vying for assets in sub-Saharan Africa as trading margins disappoint.
Many oil executives tips Africa as the fastest growing continent in the next decade, catching up with Asia which has fuelled commodities growth in recent years. "We want to build more infrastructure in Africa, develop specialities like bitumen and liquefied petroleum gas (LPG), and will invest $400 million over the next four to five years," AOG's chairman and CEO Jean Claude Gandur said in an interview on Monday at his Geneva headquarters.
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