Calvert International AG

Calvert International CEO NJ Ayuk opens major energy conference in Angola as headline keynote speaker, seeks business opportunities in Angola’s energy sectors

EQS-Media / 18.09.2023 / 10:00 CET/CEST Calvert International CEO NJ Ayuk opens major energy conference in Angola as headline keynote speaker, seeks business opportunities in Angola’s energy sectors

Frankfurt 18September, NJ Ayuk, CEO of Calvert International AG, has opened the Angola Oil & Gas (AOG) conference in Luanda, Angola on 13 September, together with the Angolan Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo. In his opening remarks, Mr. Ayuk emphasized that in addition to promoting industrialization and economic growth, Angola was determined to lay the foundations for a gradual transition to renewable energy. "This transition should be equitable, sustainable and ensure that the country's population benefits optimally. This transition builds on a continued robust oil and gas sector. By maximizing revenues from its offshore oil reserves, Angola aims to generate significant funds to strengthen its economy and further invest in renewable energy," said Ayuk.

CIAG’s management met with a number of key stakeholders in the Angolan energy sector during the two-day conference in the countries capital, Luanda, to discuss investment opportunities for CIAG in Angola. They were in close contact with local and international companies in the sector, as well as with Azevedo's ministry. The latter in particular is very open to cooperation with German companies. Azevedo himself studied mining at the Technical University Bergakademie Freiberg, Germany, and is motivated by his personal ties to Germany to open up opportunities for German companies in particular to become active in the African country.

As one of Africa's largest economies, Angola has enormous potential in the energy sector. Located in the southwest of the continent, the country’s long coastline along the Atlantic Ocean puts it in an ideal position for energy opportunities such as hydrogen transportation. Up to 50% of the total GDP is currently generated by the oil industry. However, the Angolan government has plans to diversify the energy sector through the Angola Renewable Energy Programme (AREP) and to further develop solar and hydro power in the country. CIAG therefore sees great potential for its existing subsidiaries to expand in Angola in order to continue to grow successfully. In addition, the conference provided an opportunity to make further important contacts with local companies that could be of interest in expanding CIAG's portfolio.