Asian diesel exports to Africa have soared to a multi-year high as the war in the Middle East continues to roil global energy markets.
Before the start of hostilities, Africa relied on the Gulf for a large share of the fuel it consumes, importing roughly $90 billion’s worth a year.
Nations across the continent have vowed to increase their energy independence — Africa’s richest man recently unveiled plans to build a $16 billion refinery in Kenya modeled on a giant one in Nigeria — drawing interest from Middle Eastern investors, Oil&Gas reported.
However, analysts warn that the plans will likely take years to come to fruition, forcing countries to seek immediate alternatives elsewhere.
