Petroleum Africa
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Wednesday, September 3, 2014
Release
CITAC: Sub-Saharan growth in petroleum demand continues; detailed analysis available
London, September 1, 2014
CITAC Africa publishes its Annual Review of Sub-Saharan Africa’s Downstream Oil Sector today and reports once again a booming demand picture across the sub-continent. CITAC says oil product demand charged ahead by 5.1% y/y in 2013, a performance which was driven by economic growth of 5.4% y/y (IMF). As in previous years, however, the ‘energy intensity’ of GDP growth varied wildly between countries, reflecting economic, political and regulatory specificities across the sub-continent.
Against a backdrop of stable output from the region’s refineries, SSA oil product imports surged by 8.7% in 2013, placing growing pressure on already-strained import supply chains. Whilst coastal tank turnover rates remained low by international standards, there were growing bottlenecks on ‘either side’ of that tankage – in both port discharge and truck loading operations. According to Mark Elliott, CITAC Africa’s chairman, investment in these supply chains will be key to ensuring that SSA’s impressive GDP forecasts are actually met in the future.
Despite significant – and growing – geopolitical risks in certain countries, CITAC is confident that the SSA downstream sector remains an exciting growth area and one which continues to attract ever-wider attention for investment.
CITAC’s Annual Review and online African Downstream Database contain a wealth of data and analysis covering the rapid developments taking place across the sector on the sub-continent, offering insight into current trends and potential growth areas.
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