First Independent Mena Newspaper
UK Company SDX Energy Inc. said that its drilling campaign in Morocco remains on schedule for two exploration wells in the second half of 2017, as it has obtained extensions to its exploration permits. The company said the Lalla Mimouna Nord & Sud permits, covering an area of over 2211 km2 located in the Gharb […]
“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, […]
Libyan forces aligned with renegade Field Marshal Khalifa Haftar Tuesday recaptured the two oil terminals lost to Benghazi Defense Brigades (BDB) earlier this month. The East-based army known as the Libyan National Army (LNA), defying the UN-backed Government of National Accord (GNA), lost Sidra and Ras Lanuf oil terminals on March 3 after BDB forces, […]
The European Union (EU) has denounced “restrictive measures imposed on bilateral trade” without prior consultation with the EU, says a report released on the occasion of 10th session of Algeria-EU Association Council convened Monday in Brussels. In January 2016, Algerian authorities required import licenses for certain European products such as cars, cement and concrete. These […]
Set to strengthen its foothold in a Libya beset by chaos and instability, Russia threw its weight on Libya’s strongman Marshall Khalifa Haftar whose forces have made a blitzkrieg advance taking several oil fields and threatening to overtake the capital Tripoli from the UN-backed government. A US diplomat who requested not to be named told […]
Algeria’s finances have been severely battered by the slump in oil prices, dwindling from $178 billion in 2014 to $114 billion by the end of 2016, Algerian Prime Minister Abdelmalek Sellal said. Speaking to state television, Sellal set the tone for appeasing worries saying that the situation is under control as criticism mounts over the […]
EU officials and media continue to voice concern over the threats of instability in Algeria, which braces for a political crisis marked by the opacity of the regime and disagreements on who will succeed the ailing President Bouteflika and an economic crisis triggered by shrinking oil revenues. “Europe should draw lessons from the tragedy in […]
The drop in oil prices has taken a heavy toll on Algeria’s budget revenues with the trade deficit expanding to 15.8 billion dollars as of October compared to 13.7 billion dollars the same period last year. By the end of October, Algeria’s export revenues slipped by 23.44% standing at 22.7 billion dollars propelling the government […]
Libyan oil production is falling more sharply than expected, declining by 70 percent from pre-civil war levels due to continued instability and hostilities between armed groups. The situation has sparked serious concerns of Western powers. A joint statement issued by the French Government said five of its NATO allies have expressed concern about tensions near […]
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 […]