First Independent Mena Newspaper
An Italian judge ordered Italian oil major Eni, oil services group Saipem and former Eni CEO Paolo Scaroni to stand trial in a long-running case of alleged bribery in Algeria “In relation to court proceeding for the alleged bribery case relating to Saipem’s activities in Algeria, Eni acknowledges that the new GUP (judge for the […]
Morocco’s state-owned phosphates company, OCP, is planning to open subsidiaries in 13 African countries in line with the Kingdom’s strategy to boost economic ties and investments in the continent. As announced in the official gazette, the OCP’s board of directors approved the decision to establish 13 subsidiaries in the countries of Côte d’Ivoire, Senegal, Cameroun, […]
The head of In Salah Gas announced Saturday a cut by 40 per cent in the number of foreign workers by the end of the year as a measure to shore up collapse of oil price and to reduce costs, reports say. In Salah Gas is a joint venture between national Sonatrach, British Petrolium (BP) […]
National Oil Corporation (NOC) chairman Mustafa Sanalla sent a letter to UN special envoy Martin Kobler warning him of the consequences of his meeting with “one of the most despised individuals” in Libya, Ibrahim Jadhran, ahead of announcing an agreement to open ports blockaded by Jadhran for almost 3years. A dismayed Sanalla discouraged Kobler from […]
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 […]