First Independent Mena Newspaper
French utility company, Engie SA, wants to sell its gas exploration units in Algeria as part of a larger plan to offer its assets in Africa and Europe in a bid to reduce its exposure to volatile oil and gas prices, Bloomberg reported. “The company is planning to sell its upstream operations globally including businesses […]
The fall in oil prices has taken a toll on Algeria’s foreign exchange reserves, which are expected to decline to $116 billion, Algria’s Prime Minister Abdelmalek Sellal said. At a context of a long-term slump in oil prices, the Algerian government is planning further cuts to curb spending over the next few years after the […]
Acwa Power Khalladi has completed final orders to suppliers and contractors, confirming that all financial conditions are met for the construction of a 1.2 MW wind power farm for a total cost of 1.7 billion dirhams ($173 million.) With this project, Acwa Power Khalladi, which is 75% owned by Saudi Arabia’s ACWA Power and 25% […]
Creditors of Morocco’s sole refinery, Samir, are putting on the table the alternative of converting the massive 43-billion-dirham debt ($4.55 billion) into shares, a move that entails giving creditors a say in the board of trustees, Moroccan media reported on July 11. After an appeals court in Casablanca upheld a ruling placing the refinery into […]
Qatar has widened the gap with its competitors over the supply of Liquified Natural Gas (LNG) to Morocco after the Kingdom’s government council adopted a memorandum of understanding in this regards. The memorandum of understanding, signed during the 6th High Joint Moroccan-Qatari Commission in Doha last April, provides for bilateral cooperation in the fields of […]
Chariot Oil & Gas Limited has been awarded by Moroccan authorities a 75 pc interest and operatorship of the Mohammedia Offshore Exploration Permits I – III, which span over 4,600 square kilometers. The company says the area contains a number of proven and potential play systems. “Chariot is pleased to be able to convert the […]
Nouakchott and Dakar have come to an agreement to work jointly and share returns of gas production off their coasts by the American energy company, Kosmos, reports say. Presidents of both countries have reportedly given instructions to their respective energy companies; Petrosen in Senegal and Smhpm of Mauritania to continue working with the American giant […]
Morocco and Portugal are studying the possibility of an undersea power connection, which would be the second Europe-Africa link. The two countries have signed in this regard a feasibility study, which will cost $455 million. At present, Portugal exports its excess energy to its neighbor Spain, which then feeds into the European system via France. […]
The Kingdom of Morocco will launch production of its locally made electric buses next year, Head of the country’s Energy investment Company (SIE,) a key actor in the project, reveals. The project falls into the Kingdom’s promotion of the transports facility policy, says Ahmed Baroudi. “The industrial project aims at producing last generation of (Ultra-Light) […]
Egypt’s energy concern could be about to be over following the discovery of a new natural gas field on the Nile Delta coast by Eni and British Petroleum (BP.) The regional BP president for North Africa, Hesham Mekawi, said the latest discovery located 12km away from the shoreline “is the third discovery along the Nooros […]