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Message: [QUOTE="Nehanda, post: 27589, member: 2262"] Zanzibar President Dr. Hussein Mwinyi wants East African countries to create a regional Petroleum Fund. He believes this fund will help solve money problems for oil and gas projects as the world moves away from fossil fuels. He talked about this yesterday during the final day of the East African Petroleum Conference in Dar es Salaam. Many traditional money sources have stopped funding these projects because they worry about climate change impacts. Dr. Mwinyi asked an important question at the meeting. How can partner countries overcome these challenges to develop their resources and carry out energy plans effectively? He pointed out that the EAC Vision 2050 backs the creation of this fund. The money would support important work like projects, research, new ideas, and training throughout the petroleum industry. East African nations should learn from what others have already done. The African Petroleum Producers Organisation worked with the Africa Export-Import Bank to start the Africa Energy Bank. They created this bank exactly because funding for African oil and gas projects has dried up during the global shift toward cleaner energy sources. Dr. Mwinyi stressed that developing these resources will help reach the goal of bringing energy to everyone by 2050. He encouraged countries to match their technological advances with worldwide goals of reducing carbon and transitioning energy systems. Finding the right balance between using fossil fuels and making a fair energy switch remains crucial. Dr. Mwinyi stated that countries must use technology to speed up finding and producing petroleum resources across the region. The Zanzibar leader also pushed for more cross-border pipelines similar to the East African Crude Oil Pipeline. These connections would bring better energy sharing between countries. He praised Tanzania President Dr. Samia Suluhu Hassan for her strong support of energy investments. He also called for more offshore exploration licenses since current production barely scratches the surface of what exists. Deputy Prime Minister and Energy Minister Dr. Doto Biteko mentioned how the three-day meeting allowed experts to share ideas about unlocking energy potential. Ibrahim Kajugusi from the Energy and Water Utilities Regulatory Authority discussed combining natural gas with current fuels like petroleum and diesel. He explained that this mix would give more people access to power and boost economic growth across East Africa. Kajugusi emphasized that all energy sources should work together to create a diverse supply system. Adding natural gas helps the energy transition by allowing vehicles to switch from fossil fuels to gas. He called for governments across East Africa to create helpful rules, work together, and offer benefits for expanding infrastructure to unlock the full value of gas resources throughout the region. [/QUOTE]

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