Russia boosts oil product exports to Africa 250% in 2023, discussing gas, renewables, nuclear energy

MOSCOW. July 26 (Interfax) - Russian oil product exports to African countries surged 250% to 17.6 million tonnes in 2023, the director of the Energy Ministry's International Cooperation Department, Dmitry Semenov said at a roundtable in the State Duma.

The number of energy cooperation projects being discussed with African countries has grown from 30 to 40 since 2022, he said.

"Fourteen countries have been identified as priorities for us. And, of course, our companies are widely represented on the continent. These are projects in the oil and gas sector, and mining and transportation," Semenov said.

"There is a good dynamic in exports. Last year we grew by 250% in oil products, to 17.6 million tonnes. Of course, the low base of comparison has an effect but, nonetheless, a contribution is also being made here to the objective of redirecting our energy exports," he said.

Russia is also working on expanding the use of gas in power generation in African countries, as well as the use of natural gas fuel for vehicles, he said.

"There's a very strong focus on electricity. And in addition to previous facilities, besides conventional energy, we're also offering partners projects in alternative energy - solar, wind. We're working closely with Rosatom. Obviously, the state corporation is the lead on its own projects, but we're always with them and support one another when needed," Semenov said.

He also stressed the importance of cooperation on standardizing equipment.

"We support the idea that, of course, it's more sensible, makes more sense to roll out power generating facilities in concert with industrial facilities or a mining complex, rather than on their own. This is a self-sustaining, synergistic structure. But, in turn, this also means that it's necessary to find or mobilize a large amount of financial resources. And, accordingly, this raises the question of raising a large amount of financing on acceptable terms," Semenov said, adding that the Finance Ministry and Central Bank are working on ensuring unimpeded transfer of payments.