Vitol and Vivo Energy to invest $550+ million in infrastructure to support clean cooking in Africa
Paris, France. 14 May 2024: Vitol, and its daughter company, Vivo Energy, announced today at the summit on clean cooking in Africa, their intention to invest $550+ million by 2030 in the infrastructure required to facilitate cleaner cooking solutions in Africa. This pan-African investment comprises both LPG infrastructure ̶ from marine terminals to the high-quality cylinders required for the safe distribution of LPG – and investment in clean cooking carbon projects.
Hosted by the International Energy Agency, the African Development Bank and the governments of Tanzania and Norway, the summit is convening global leaders to make 2024 a turning point for progress on ensuring clean cooking access for all.
The announcement was made by Russell Hardy, Vitol CEO, speaking at the summit. Commenting on the announcement Russell said: “Clean cooking improves the respiratory health of women, children and the elderly. It empowers women, reducing the time required to source fuel and significantly reduces deforestation, as well as delivering real carbon emission savings. We are pleased to announce our continued investment in this area.”
For 20 years Vitol has promoted clean cooking, through clean cooking carbon projects and investment in LPG infrastructure. The Vitol group has enabled access to clean cooking for over 10 million households. It includes 2.1 million efficient cookstoves across five sub-Saharan African countries through carbon credit projects, and access to clean cooking across 12 countries in Africa through high quality and safe LPG cylinders, leveraging Vivo Energy’s strong presence on the ground in Africa.
Stan Mittelman, CEO, Vivo Energy, added: “LPG is an important component of the energy transition and is becoming increasingly popular in Africa as a cleaner source of energy than traditional fuels such as wood, charcoal or paraffin. It reduces CO2 emissions and is easier for customers to access. A key part of Vivo Energy’s strategy is to accelerate the growth of LPG across Africa. As part of this, we are delighted to have recently completed the acquisition of the Somagaz LPG business in Mayotte, in addition to forming strategic partnerships to grow LPG activity in Namibia and Reunion.”