Luanda: The president of the Republic, Abdelmadjid Tebboune, reiterated Monday, at the 17th US-Africa Business Summit, being held in Luanda, Angola, the commitment of Algeria to enhance energy cooperation in Africa and its willingness to transfer technical expertise to African countries.
According to Algeria Press Service, this commitment was reaffirmed in an address, made on behalf of the president of the Republic, by the minister of State, minister of Energy, Mines and Renewable Energies, Mohamed Arkab, at a high-level plenary session themed “Strengthening energy partnerships between Africa and the United States: from dialogue to implementation.” The session was attended by heads of state and governments, ministers, government officials, and leaders of major African and American companies operating in energy, mines, and renewable energies.
In the address, the president emphasized Africa’s vast energy potential, both in hydrocarbons and renewable energy. He urged the harnessing of these resources through effective strategic partnerships to improve the standard of living for African people and aid in achieving the Sustainable Development Goals (SDGs).
President Tebboune highlighted Africa’s oil reserves, estimated between 125 and 130 billion barrels, nearly 7-9% of global reserves, and natural gas reserves exceeding 17 trillion m3, over 13% globally. He noted that 40% of new gas discoveries from 2010 to 2020 occurred in Africa.
Furthermore, he pointed out that the continent holds 60% of the world’s solar potential, with forecast renewable energy capacity expected to exceed, by 2040, a thousand times greater than electricity demand. Despite this, Africa accounts for merely 3% of global renewable energy production.
Stating that Algeria has made African energy integration a “strategic priority,” President Tebboune underscored Algeria’s major projects to strengthen continental energy integration. These include the trans-Saharan gas pipeline project, regional electricity interconnection projects, renewable energy development initiatives, and the green hydrogen plan aimed at making Algeria a significant player in clean energy production and export to African and European markets.
He also emphasized the role of the African Continental Free Trade Area (AfCFTA) in facilitating and supporting cross-border investments, highlighting natural gas as a key fuel in the continent’s energy transition.
The president stressed the need for “innovative” financial solutions and mobilizing “significant and diversified” capital to ensure the success of the Africa-US partnership, noting that Africa’s energy investment needs exceed current capacity, despite considerable financial commitments.
To achieve its goals, the Africa-US partnership must concentrate on accelerating investment, technology transfer, training, innovation, and joint research, leveraging continental integration. President Tebboune reiterated Algeria’s readiness to share its technical expertise with fellow African countries.
He praised Angola’s significant role in organizing the summit, coinciding with the 50th anniversary of its independence and upcoming chairmanship of the African Union (AU) in 2025.
This summit, he noted, comes at a “pivotal moment” in Africa-US energy relations as efforts shift from “promises and statements” to “actual achievements on the ground.”
The opening ceremony of the 17th US-Africa Summit, running from June 23-27 under the theme “Pathways to Prosperity: A Shared Vision for US-Africa Partnership,” was chaired by President Joao Louren§o of Angola. Representing President Tebboune, Minister Mohamed Arkab attended the summit with a large delegation, including Secretary of State Selma Bakhta Mansouri and executives from the ministries of Energy, Mines, Renewable Energies, and Foreign Affairs.