HARARE, December 22. /TASS/. Oil consumption in African countries will almost triple, from the current 1.8 mln barrels per day (bpd) to 4.5 mln bpd by 2050, the Nigerian newspaper This Day wrote, citing a report from the African Refiners and Distributors Association.

Thus, the African oil refining industry is one of the most significant new areas for potential investors, the authors of the report noted. By 2050, 40% of the world's population is expected to be concentrated in Africa, increasing demand for transport fuels and liquefied natural gas (LNG) and other hydrocarbon products. However, despite growing demand, Africa still relies heavily on imported petroleum products, leaving local markets volatile, under external pressure from exchange rate fluctuations and suffering from supply disruptions.

The association believes that the continent will need more than $100 bln in investment to address those issues and meet demand by 2050. This includes modernizing refineries and increasing their capacity. It is also necessary to deepen ports and expand berths, increase storage areas, and improve and expand the network of roads, railways, and pipelines.