Analysis: Europe’s Phase-Out of Russian Energy Over the Ukraine Crisis Could Mean Opportunity for African Countries
By Lesley Wroughton
N.J. Ayuk tried for years to tout African oil and gas projects to European governments and companies.
“I used to beg for them to take my calls,” said Ayuk, the executive chairman of the African Energy Chamber. But with oil price volatility shaking global markets amid Russia’s invasion of Ukraine and fears of fuel shortages, European nations are looking more closely at Africa’s abundant natural gas as a potential new source of energy, he said.
“Right now, I think they have me on speed dial,” Ayuk said.
The change reflects the shifting geopolitical landscape in Europe, with ripple effects around the world, from the Russian invasion. Economic sanctions by the European Union, the United States and Japan have hobbled long-standing Russian trade ties.