Mercuria Joins African Energy Week (AEW) 2024 as Bronze Sponsor, Affirming Commitment to Africa’s Energy Future

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CAPE TOWN, South Africa, September 10, 2024/ — The African continent holds over 125 billion barrels of oil and 620 trillion cubic feet of natural gas, alongside vast mineral resources with the potential to power global markets. Efficient and strategic trading of these commodities is essential to unlocking Africa’s full economic potential, driving industrial growth and cultivating sustainable development.

With its deep expertise in energy and commodities trading, Swiss multinational commodity trader Mercuria Energy Group (Mercuria) joins African Energy Week (AEW): Invest in African Energy 2024 –  scheduled for November 4-8 in Cape Town – as a Bronze Sponsor. The firm not only brings markets together to support global energy demand, but also injects much-needed capital into projects that drive Africa’s energy future forward.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Playing a central role in the sector, Mercuria helps optimize energy systems, structure finance packages and invest in strategic assets that support both current and future energy needs. Since 2004, the firm has expanded its operations to over 50 countries, with a diverse portfolio that includes traditional hydrocarbons alongside innovative renewable energy projects. Committed to sustainability, Mercuria has pledged to allocate 50% of its investments to sustainable energy solutions by 2025, with one billion dollars already invested in the energy transition.

Mercuria’s recent participation in a $650-million financing package – where it structured and underwrote $150 million to support Nigerian energy company Oando’s acquisition of the Nigerian Agip Oil Company – exemplifies its commitment to Africa’s progress. This landmark transaction, finalized last month, is set to triple Oando’s production capacity from 20,000 to 60,000 barrels of oil equivalent per day and reflects the growing role of indigenous exploration companies in Africa’s upstream space.

The firm’s involvement in the deal underscores its support of key energy initiatives in Africa, aligning with its broader investment strategy in both hydrocarbon and renewable energy markets. Mercuria’s ability to navigate complex financial structures and attract international capital makes it a valuable partner in building Africa’s energy future. During AEW: Invest in African Energy 2024, Mercuria’s leadership is expected to contribute to discussions on Africa’s evolving energy landscape and its integral role in the energy transition, leveraging its extensive expertise and technical capabilities.

In addition, Mercuria’s wholly-owned subsidiary Minerva Bunkering carries out extensive logistics and supply activities across the continent, including ports in South Africa, offshore West Africa and the Gulf of Guinea, and the Tanger-Med industrial port complex in Morocco. In 2023, Minerva Bunkering expanded its services by launching a new bunkering operation in the Suez Canal and Egyptian ports, delivering to vessels upon arrival and reducing costs in the process. The service is licensed to operate in 12 Egyptian ports, including East and West Port Said, Alexandria, Damietta, Suez and Sokhna, enhancing the company’s presence in one of the world’s most vital maritime markets.

“Mercuria’s commitment to Africa’s energy sector cannot be overstated. As one of the leading players in global commodity markets, its involvement in landmark deals like the Oando acquisition is shaping the future of African energy. This transaction not only represents a leap forward for indigenous companies like Oando, but also highlights Mercuria’s appetite for driving economic growth and contributing to sustainable energy development across the continent,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

Under the theme, Energy Growth Through an Enabling Environment, AEW: Invest in African Energy 2024 will bring together industry leaders, policymakers and investors to foster dialogue, drive investment and create the conditions necessary for sustainable energy development across Africa.

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