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African experts, ministers to design documents for petroleum fund

 African experts and ministers responsible for hyd rocarbons will gather in Ethiopia from Wednesday to craft key documents in the e n ergy sector, the AU disclosed here Tuesday.

A strategy and a plan of action for the resource mobilization of the African Pet roleum Fund are expected to be designed during the second edition of the Confere n ce of Ministers responsible for Hydrocarbons, holding 9-11 December at the AU He a dquarters in Addis Ababa, Ethiopia.

The conference will also review the oil and gas sector in the continent, accordi ng to the AU.

The continental review will be based on a study jointly conducted by the AU and the African Development Bank (AfDB).

“In addition, as globalization is affecting Africa with crises such as high oi l prices, the conference will dedicate a session to regional training on the sim u lation model on high oil prices impact on the African economies,” the AU press statement said.

Africa is gaining importance as an oil-producing region. From 1990 to 2005, oil production rose from 6.5 to 9.3 million barrels per day, representing an increas e from 9.9 per cent to 11.2 per cent of the world production.

The sustained high oil price in recent years has highlighted Africa’s potentia l as a supplier of oil, and the continent has become the focus of attention of s o me major oil importing countries, notably China, according to the United Nations

Conference on Trade and Development (UNCTAD).

The conference will start with an experts’ session which will run from 9-10 Dece mber while the ministerial meeting will take place on 11 December, AU said.


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