Established in 1964 as a permanent intergovernmental body, UNCTAD is the principal organ of the United Nations General Assembly dealing with trade, investment and development issues. The main goals of UNCTAD are to maximise the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis.

In 1996, UNCTAD initiated its first "Africa Oil and Gas Trade and Finance Conference" in Zimbabwe in response to the African countries request for a forum to debate optimal approaches to financing and managing price risks in the petroleum sector. This conference has since been institutionalized as a platform for enhancing public-private partnership. It serves as an industry focal point in Africa and open dialogue to all stakeholders to debate and share experiences on issues such as energy security, energy efficiency, finance, risk management, technology development, energy mix, corporate social responsibility, governance and local content.

African countries stand as a telling example of the significant changes that are taking place in the energy sector and is gaining increasing importance as an oil and gas producing region. In the space of three years, world oil requirements grew by a cumulative 5.5 million b/d, or by a total of 6.5%. Developing regions, particularly China, but also West Asian and Latin American countries, have accounted for a large share of the demand increase. During the period 1990 - 2005, Africa oil production rose from 9.9% to 11.2% of world production. Africa gas Production has increased from 66.5 GM3/year (billion cubic meters per year) in 1990 to 150 GM3/year in 2005. Oil Reserves have risen by as much as 59%, compared to 15% worldwide, and Africa is now estimated to hold 114.3bn barrels of the world's 1200.7bn proven reserves. 

These developments will be discussed in this year conference which will expand on the central theme of "Interface between Hydrocarbons and Finance", with a special emphasis on issues related to natural gas, downstream deregulation, technology innovations, future of refineries and cooperation.

UNCTAD is committed to keep on its work in the area of energy, trade and sustainable development. Research and analysis, intergovernmental work and capacity building activities will focus on addressing the developing countries' pressing needs, including those of Africa.