First Independent Mena Newspaper
Algeria trade deficit widened to $10.33 billion during the first nine months of 2015, against a $4.09 billion surplus a year earlier, after a sharp fall in energy earnings caused by global drop in crude oil prices. The new figures confirm the deteriorating economic situation in the North African country, member of the OPEC cartel. […]
Egypt is seeking to get $1.5 billion loans from the World Bank and the African Development Bank as fears increase that the Egyptian pound would be devalued if the dwindling foreign currency reserves go below $15 billion. The country has been struggling since 2011 to stabilize its economy and finances shaken by the protests that […]
Algeria which is badly hit by the collapse of oil prices on the international market is trying to end its heavy dependency on oil and to diversify its energy production. One of the alternatives raising Algerian authorities’ optimism is the Sahara Solar Breeder project (SSB) being developed in cooperation with Japanese researchers. Algerian and Japanese […]
Oil Minister Sherif Ismail has announced that the payment of Egypt’s debt to foreign oil companies will be delayed by six months thereby pushing the deadline to the end of next year after Egypt had promised to repay all its debt by mid-2016. He also said there will no longer be oil grants from the […]
Algeria’s foreign exchange reserves plummeted by half in the first quarter of 2015 due to the fall in global crude oil prices, the country’s central bank said. The forex reserves went down by $ 19.02 billion to $159.9 billion in the first quarter of 2015, Algerian central bank added, noting that the sales of hydrocarbons […]
The nod has been given by Algeria’s Council of Ministers for works in relation with the development and exploitation of unconventional gas to continue. The North African country once rich oil and natural gas reserves have been declining in recent years. The exploitation of shale gas is expected to complement the drop. Algeria has not […]
The Libyan government is running out of patience with protesters who have laid siege on main ports and are now threatening to sell oil independently. Prime Minister Ali Zeidan has warned that the government will use all the force it has without any reservations if such attempts are made. Oil production and exportation is Libya’s […]
Abdelbari al-Arusi, Libya’s oil minister has become desperate about the ongoing strikes in several eastern ports, which have reduced the country’s oil export to 30%. The minister has warned that if the situation continues, “Libya will plunge into darkness.” The oil rich country wants to surpass its pre-war production and exportations. However, frequent strikes have […]
The production of oil in the leading oil production country in Africa has suffered a drastic decline since its civil war in 2011. The ongoing protest in Libya has led to the closure of two export terminals and an entire oil field. Frequent disruptions in the MENA region has led to North America leading the […]
Oil minister Al Arusi has announced that they will be joining the campaign against the sensitive fuel market reforms and will also be scrubbing off oil subsidies, which take more than 10% of the budget, before the end of 2016. The decision to remove fuel subsidies on all types of fuel is blamed on smuggling […]