Africa Energy Investment Corporation (AEICORP) and the African Export Development Bank succeeded in reaching a preliminary agreement to increase petroleum investments in Africa, Minister of Petroleum and Mineral Resources, Tarek El Molla, announced during the African Petroleum Producers Organization’s (APPO) 39th meeting.

The negotiations for the agreement, which will be signed in Cairo, were finalized under the auspices of the Egyptian Ministry of Petroleum and Mineral Resources.

 The minister added that five African countries are currently preparing a detailed study on the future of oil and gas amid the COVID-19 crisis. A technical committee was also formed especially to conduct the study in partnership with international consultants and it is expected to be done by mid-year 2021. El Molla noted that the study would help African countries in facing the repercussions of the pandemic-driven oil and gas industry.