The Co-Founder and Executive Director, Sahara Group, Temitope Shonubi, has highlighted the need for African countries to harmonise fuel specifications.
Shonubi, according to a statement, is one of the speakers at the ongoing Africa Oil and Power Conference in Cape Town, South Africa.
“This is a great opportunity to discuss new frontiers for the future of oil and gas trading in Africa. Among others, we need harmonisation of petroleum product specifications amongst countries to drive growth in intra-African trade. The domestic policies for oil and gas infrastructure as well as trade should be aligned with a more regional and global objective,” he said.
Shonubi explained that oil and gas traders in Africa would also need to address the dearth of experienced traders to boost the continent’s human capital profile ahead of the projected future growth in the sector.
“Africa needs to invest more in capacity building in line with global standards. We are spearheading this narrative on the continent through various mentorship and specialised training programmes for our people at Sahara and other beneficiaries at our trading hubs in Geneva and Singapore.”
He noted that the midstream and downstream infrastructure deficit could be addressed through incentives/policies by governments to ensure sustainable infrastructural growth that may be funded in partnership or solely by producers/traders.
According to the statement, the theme for the conference is ‘Energy Coalitions’, focusing on the importance of greater collaboration and partnerships within and across oil and power sub-sectors.
Sahara Group said Shonubi would speak on oil trading trends within West Africa on a panel which would also feature the Chief Executive Officer, Gunvor , Torbjorn Tornqvist, and the Group CEO, Vitol, Russel Hardy.
It said the panel would address topics such as price volatility in oil trading and the peculiarities of market forces from one trading hub to another, as well as discuss how financial models are being reexamined to suit the new business paradigm.
Describing stakeholder collaboration as the “lifeline of oil and power in Africa”, Shonubi said this would boost capacity and intra-African trade in light of untapped opportunities on the continent.
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