The international society, including the European(EU), has imposed an extensive embargo on Russian gas and oil due to the Russian invasion of Ukraine. It is seeking a new partner: Africa.
The EU has decided to reduce its dependence on Russian fuels to 30 percent this year and discussed gas imports with Nigeria, Angola, Senegal, and South Sudan. Italy has agreed with Algeria to increase natural gas imports by 40 percent from 2023 to 2024 while initiating the discussion with Egypt, Angola, the Democratic Republic of the Congo, and Mozambique for additional gas imports. In addition, interest in African minerals such as nickel, platinum, and palladium for replacing Russian products is growing.
This situation shows that the global energy market is changing rapidly and that Africa has emerged as a key actor. Although Africa faces the risks of high development costs associated with limited infrastructure, political instability, and conflicts within countries and regions, African governments have shown a strong will to recover from the economic repercussions of the COVID-19 pandemic, climate change and the Russia-Ukraine war via energy export. Korea, heavily dependent on imported major energy resources, should also explore the African continent as a new alternative and strengthen the Korea-Africa relationship.
In this session, we will review the current situation of intensifying competition for energy resources by focusing on Africa, which has emerged as a new alternative energy resource exporter. Also, we will discuss the implications and strategies for the Korea-Africa cooperation to contribute to resolving the global competition and conflicts.