Petroleum Africa
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Monday, April 10, 2017
The financing of the expansion of Tanzania’s natural gas to domestic markets is being aided by a loan from the AfDB. The lending institution approved a $29.8-million loan to help the East African country in its bid to mobilize domestic resources and unlock the potential of its natural gas resources through leveraging domestic markets and local content initiatives.
The approval follows a workshop held in Dar Es Salaam on March 20, co-organized by the country’s government through the National Economic Empowerment Council (NEEC) and the African Natural Resources Center of the AfDB on the theme “Unlocking the potential of gas resources In Tanzania, leveraging domestic markets and local content requirements.”
The approved project will help Tanzania capture the best value from their natural gas resources through a sound regulatory framework to manage natural gas reserves and to attract investment, as well as support for government negotiations teams to ensure the country gets the best deals, and local content policies formulation to create jobs in the gas sector. The project will also contribute to designing strategies for domestication of natural gas, so that the gas resources can be utilized nationally and regionally to develop the energy and industry sectors.
While the large offshore gas discoveries can be a game changer for the country, doubling GDP, developing access to energy at national and regional levels and facilitating industrial development, it also represents significant challenges.
“The AfDB is stepping up its support to the government of the United Republic of Tanzania to develop the gas sector that is potentially transformative for the country,” AfDB’s Country Manager for Tanzania (OIC), Chidozie Emenuga, said.
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