LITASCO Middle East joins African Energy Week (AEW) 2023 as Bronze Sponsor

As populations and economies in Africa and the Middle East continue to grow steadily, oil and gas demand in the regions is poised to grow substantially in the coming decades. A robust and reliable trading and business environment within the continents will be necessary to promote economic stability and social development as Africa and the Middle East continue to drive industrialization, promote energy access, and progress towards net zero targets for 2030 and beyond. As such, companies such as LITASCO Middle East are spearheading efforts to ensure access to crude oil and refined petroleum products remains beneficial to the Middle East and Africa.

LITASCO Middle East has joined the African Energy Week (AEW) 2023 conference – taking place from 16-20 October in Cape Town – as a Bronze Sponsor and is poised to leverage its position as one of the world’s premier trading companies to engage in networking opportunities and connect with governments and policymakers to promote international oil and gas trade throughout Africa, the Middle East, and beyond.

Serving as the trading arm of petroleum business corporation Lukoil, LITASCO is one of the largest traders of crude oil and refined petroleum products, and deals in global trading, refining, and retail services in the global oil and gas industry. The company, which previously operated out of Geneva, Switzerland, has recently moved part of its operations to Dubai, thus positioning LITASCO to better support its operations in Africa and the Middle East.

Active in the African market for over two decades, LITASCO boasts a presence in Egypt, Nigeria, the Republic of Congo, Ghana, and Cameroon. LITASCO supplies oil and gas to Ghana, striking a deal with the country’s National Oil Company, the Ghana National Petroleum Corporation (GNPC), to develop a long-term contract that will permit the West African nation to exchange gold for the trader’s supply services. In early-2023, Ghana received 41,000 metric tons of diesel from LITASCO as part of the deal. Meanwhile, in 2019, the GNPC signed an agreement with LITASCO that entitles the trader to purchase four cargoes per year from Ghana’s offshore TEN field, which boasts estimated reserves of approximately 343 million barrels of oil equivalent.

In April 2023, Senegal took delivery of cargo from LITASCO into its main port of Dakar, with the trader delivering an estimated 41,000 metric tons of cargo. Meanwhile, Nigerian energy company the Nigerian National Petroleum Corporation announced the delivery of oil from LITASCO in February 2022, with the West African country receiving 37,000 tons of oil that was delivered to multiple retailers throughout the country.

“As demand for reliable and secure oil imports continues to grow in Africa, the Middle East, and all throughout the world, LITASCO Middle East is poised to play an instrumental part in facilitating trade and strengthening exports. The company has shown its steadfast dedication in bringing oil products to the markets that need them, particularly as global calls to reduce oil use continues to hinder Africa’s development goals,” states NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC).

During the AEW 2023 conference this October, LITASCO will participate in a number of panel discussions centered on trade, downstream growth and global collaboration. As a Bronze Sponsor, LITASCO takes on a proactive role in the conference and will support deals, partnerships and investments.
Distributed by APO Group on behalf of African Energy Chamber.

AEW is the AEC’s annual conference, exhibition, and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://AECWeek.com.