First Independent Mena Newspaper
A court in Lebanon has issued an arrest warrant against Chief of local Algerian oil company Sonatrach after the company has been accused of selling adulterated fuel and of corruption. Judge Nicolas Mansour, prosecutor of Mont-Liban court of appeal ordered the arrest of Tarek Faoual and several employees of Sonatrach Petroleum (SPC), a subsidiary of […]
Algeria’s state-run oil company Sonatrach and Russia’s Lukoil on Monday signed a Memorandum of Understanding (MoU) covering many cooperation areas including joint investment and production at home and abroad. Sonatrach said the agreement will enable both sides to identify joint investments in oil exploration and production in the North African country after the adoption of […]
Algeria’s crude oil, Saharan blend, dropped below production costs and is now sold at a loss at $11.72 per barrel boding ill for the country’s struggling finances. Oil prices have plunged across the globe due to shortage of demand as the lockdown reduced economic activity worldwide. Analysts expect oil prices to remain at their lowest […]
A court in Lebanon has ordered the arrest of 17 people, including the Chief of Sonatrach Petroleum (SPC), a subsidiary of Algeria’s state-run oil company, on corruption and supply of adulterated fuel charges. Judge Ghada Aoun, prosecutor at Mont-Liban court of appeal, ordered the arrest after state-run Electricity of Lebanon (EDL) lodged early this month […]
Gas and oil giant Sonatrach has signed a Memorandum of Understanding (MoU) with US Exxon to identify exploration opportunity in the North African country and to boost partnership between the two companies. Sonatrach made the announcement Monday on its website arguing that the agreement confirms the renewed dynamism of the Algerian mining sector, as part […]
The African Union Commission (AUC) and the International Renewable Energy Agency (IRENA) have agreed to work closely to advance renewable energy across the continent to bolster Africa’s response to Covid-19. The two organizations will focus on innovative solutions to drive the development of renewable energy including decentralized systems, and to increase access to energy across […]
The African Development Bank (AfDB) has just awarded a grant of nearly €762,000 to Guinea. The amount, granted through the AfDB Sustainable Energy Fund for Africa (SEFA), will support the Guinean Rural Electrification Agency sett up solar off-grid projects for the country’s villages. According to the bank, funds will be used, among others, to finance […]
Russian Novosibirsk Chemical Concentrates Plant (NCCP), an enterprise of ROSATOM’s TVEL Fuel Company, and the Egyptian Atomic Energy Authority have signed a 10-year contract for supply of low-enriched nuclear fuel components, such as uranium and aluminum items, for ETRR-2 research reactor. ETRR-2, a research reactor of Argentinian design, is based at the Nuclear Research Center […]
Several Katyusha landed near a US oil company in Iraq’s oil crescent of Basra province Monday according to the army. The army in a statement said at least three rockets hit an area near the company that it did not name. “The security forces found a rocket launcher and 11 missiles that were not fired […]
The African Development Bank (AfDB) Group has approved €12.46 million to support the Energy Transition and Institutional Support Program (ETISP) of São Tomé and Principe. The financing cover the major part of the program, which costs around €13 million. The rest of the funding will be supplemented by the government, according to AfDB. The project […]