Morocco raises insurance tax to bolster natural disaster fund

Morocco’s government will implement a significant increase in the parafiscal solidarity tax on insurance contracts, raising the rate from 1 percent to 1.5 percent. The amendment, scheduled for approval by decree at this Thursday’s Council meeting, aims to strengthen the nation’s disaster response capabilities following recent catastrophic events. The additional revenue will flow directly into […]

Algeria: State-run Sonatrach CEO Sacked

Kamel Eddine Chikhi, Chief of state-owned energy firm Sonatrach, was sacked Wednesday only three months into the job.   A presidential decree, relayed by state-run television ENTV, said Toufik Hakkar will take the helm of the energy company, which witnessed a cut into revenues last year and is in search of investors.   Hakkar was […]

Libya reports increase in oil production after several months of decline

Libya authorities in charge of the country’s oil production indicated Tuesday oil production has increased 1.025 million barrels per day after a three-month decline owing to a wave of closures of oil fields and ports, Libya Observer reports. Chairman of the National Oil Corporation (NOC), Farhat Ben Qadara, and the Minister of Oil and Gas, […]