Turkish Energy Minister Alaboyun told the closing ceremony of the G20 Energy Ministers Meeting in Istanbul that the decline may have long-term impact
ISTANBUL – Turkish energy minister has expressed concern over stagnation in energy investments in light of falling oil prices, which may have long-term consequences.
Addressing the closing ceremony of the G20 Energy Ministers Meeting in Istanbul on Friday, Turkey’s Energy and Natural Resources Minister Ali Riza Alaboyun said: “We are concerned that any stagnation in the energy investments in light especially of falling oil prices would have long-term consequences”.
The minister’s remarks came as oil prices almost halved since last year, reducing capacity of companies to make further investments.
Alaboyun also warned that almost half of the people in Sub-Saharan Africa would live without electricity if urgent investments were not realized in the region.
“Currently, in Sub-Saharan Africa about 1 to 2 GW [gigawatts] of newly-installed capacity is being deployed each year. This way, the energy access rate has been increased less than one percent in Africa in the past decade,” he said.
“If this trend continues this way, nearly half of the population in the Sub-Saharan Africa will continue to live without any access to electricity,” he added.
Some 620 million people are without access to electricity in Sub-Saharan Africa where more than 900 million people live.
Alaboyun urged for increasing investments to add at least 6 to 7 GW capacity annually in the continent, where the current investment levels remained insufficient.