Dar es Salaam, March 8 -- ZANZIBAR: ZANZIBAR President Dr Hussein Mwinyi has called on East African member states to ensure that they establish a regional Petroleum Fund to address the challenge of inadequate financing for oil and gas extraction, especially in light of the escalating global energy transition.

Speaking during the closing ceremony of the East African Petroleum Conference and Exhibition 2025 (EAPCE25) in Dar es Salaam yesterday, Dr Mwinyi said the formation of the Fund will enable countries to withstand inadequate funding caused by the global energy transition. As a result, he said traditional financiers of whom Africa has been relying for decades are withdrawing their supports citing climate change concerns.

“Inadeq...