First Independent Mena Newspaper
Sound Energy confirmed significant gas potential upon completing the drilling of its third gas well TE8 in the Tendrara license area in eastern Morocco, the company said. The well, drilled to a target depth of 3,120 meters, showed that the proven hydrocarbon system in Algeria spreads into Morocco, the company said in a statement. Sound […]
The consolidated revenues of Morocco’s state-run phosphates company, Office Chérifien de Phosphate (OCP), fell to 42.47 billion dirhams in 2016, compared to 47.73 billion dirhams in 2015. The OCP, the world’s leading phosphates exporter, imputed the drop to the slide in phosphate and fertilizer prices, prompting efforts to increase production and cut costs to counter […]
“Algeria continues to face important challenges posed by lower oil prices (…) and growth in the nonhydrocarbon sector slowed under the effects of spending cuts”, says the International Monetary Fund (IMF). Inflation increased from 4.8 pc in 2015 to 6.4 pc in 2016 and stood at 8.1 pc year-on-year in January 2017. As to unemployment, […]
Over 1200 African businessmen and senior government officials from nearly 40 countries are taking part in the 5th International Africa Development forum which opened doors Thursday in Casablanca, Morocco’s economic capital, under the theme: “New Inclusive Growth Models in Africa”. The two-day event seeks to promote trade and investment between African countries which are urged […]
Sound Energy confirmed gas discoveries while drilling its third TE-8 gas well in the Tendrara license area in eastern Morocco. The news comes after the company announced recent success at the company’s first two Tendrara wells (TE-6 and TE-7). The UK-based company said that gas has been discovered at a depth of 2,643 in the […]
Morocco’s Central Bank announced that measures will be gradually taken to ensure a more flexible exchange rate of the Dirham amid promising macro-economic conditions marked by low oil prices and increasing demand on phosphates. The floating of the pegged dirham was encouraged by the IMF which sees in a more flexible exchange regime a move […]
A private Russian security firm said it sent agents to Eastern Libya to deliver arms to Khalifa Haftar confirming concerns in the West over a growing Russian influence in Libya, Reuters reported. Oleg Krinitsyn, owner of private Russian firm RSB-group said in an interview with Reuters that a force of several dozen Russian armed private […]
United Arab Emirates-based aero-structures manufacturing company is eyeing investment in Morocco to ease supplies to its European market. The announcement was made by the company’s CEO Badr Al Olama in a statement to Reuters. “We are looking for a country near Europe, I have mentioned Morocco,” Al Olama said. Strata is owned by Mubadala Aerospace […]
In a pessimistic tone that bodes ill for Algeria’s economic prospects, Algerian Prime Minister Abdelmalek Sellal announced yet a new slump in the country’s foreign exchange reserves, which currently stand at $112 billion. As Algeria’s revenues continue to be battered by the slump in oil prices, Sellal, who was speaking in Annaba at a meeting […]
Morocco and China are eager to extend their economic cooperation to the African continent as Chinese investors seem poised to build on Morocco’s strategic location and business ties with Africa, said The Diplomat, a magazine specializing in the Asia-Pacific region. “Morocco can be China’s gateway into West Africa and beyond, where Moroccan companies and businessmen […]