First Independent Mena Newspaper
The International Monetary Fund (IMF) has announced that it will be holding back on negotiations for the $4,8billion loan to Egypt, because the country’s financial situation is worsening. It has decided to only continue with talks when it receives updated economic information and reform plans from the government. The freezing of negotiations which have been […]
President Mohamed Morsy is currently on a working visit to Brazil and has urged its businessmen to invest in Egypt in order to increase trade between the two countries. Egypt is the biggest trading partner of the Latin American country in Africa and transactions between them have always been on the rise for more than […]
Energy and Mining Minister Youcef Yousfi has said that the government will be dedicating more than $1,264 billion to its renewable energies program by 2030. The billion dollar investment is aimed at deriving more than 30% of the country’s energy consumption from renewable energies and to overcome the power outages which occur mostly during summer. […]
State-owned Sonatrach and Anadarko Petroleum Corporation have finally started production at the El Merk oil complex located in the Sahara desert of Algerian territory. The beginning of production at the $4,5 billion is a sign of relieve for the country’s hydrocarbon sector which was marred by a brutal hostage scenario at the beginning of the […]
Japan will build Turkey’s second nuclear power plant to be located in the Sinop province, northern Turkey, on the Black Sea. The contract worth $22 billion was signed last week in Ankara by the two countries’ Prime Ministers Recep Tayyip Erdogan and Shinzo Abe. The plant to have four reactors with a combined capacity of […]
Algiers has made it intentions known to Cairo that deals involving natural gas could only be discussed in 2014, due to the need to develop production from new fields first. According to Egypt’s oil minister Osama Kamal, Algeria doesn’t have “enough quantities to be exported to Egypt.” Algeria’s decision was prompted by the fact that […]
According to a statement released by the Algerian Ministry of Oil, Algeria is willing to open the door to Russia in an invitation made to Minster Alexander Novak. Algeria wants a stronger cooperation between oil and gas companies from the two countries in order to strengthen their participation at OPEC. The Algerian minister offered investment […]
Two senior officials in the Libyan oil ministry have claimed that Libya could be exporting $1,2 billion worth of crude oil at world prices, but on interest-free credit for a year to Egypt, in order to save the country from fuel shortages with the government finding it difficult to honor energy importation dues. These importations […]
A press statement issued by the kingdom’s Minister of Commerce and Industry, Tawfiq al-Rabiah, brought to light that projects worth more than $1,3 billion have been on the hold in Egypt. This information was revealed ahead of the Saudi-Egyptian Joint Committee meeting to be held in the Saudi Arabia’s capital, Riyadh. Several Saudi Arabian projects […]
Mauritania and its northern neighbor, Morocco, have inked several cooperation agreements meant to give a new momentum to their partnership in various sectors of common interest. The two countries, members of Arab Maghreb Union gathering also Algeria, Tunisia and Libya, have agreed to bolster joint actions and projects in the fields of transport, energy & […]