First Independent Mena Newspaper
The recent takeover by Libyan forces of the coastal city of Sirte from IS, is a major setback for the terrorist organization. Yet, this victory against a common enemy that brought together Libya’s rival militias in a united front against IS raises concerns regarding Libya’s unity. Despite UN-led support for the Government of National Accord […]
Algeria and other OPEC members whose budget took a toll on the backdrop of the oil price plunge are expected to push for a production freeze during an OPEC informal meeting scheduled for late September in Algiers. OPEC has lined up an informal meeting on the sidelines of the International Energy Forum in Algeria in […]
Algeria, member of the OPEC Cartel and a major oil & gas producer in the region, has raised regional and international concerns when it announced plans to build a nuclear power plant at a time social tensions are growing at home amid a political and economic crisis. The Algerian nuclear project was discussed lately with […]
An Algerian court on Tuesday handed prison sentences to six people, ranging from 18 month suspended sentence to 6 years in prison plus fines, in a corruption case involving the country’s state-run oil firm Sonatrach. Seven defendants were acquitted while four companies, including Italy’s Saipem and the German Funkwerk, were also sentenced to fines ranging […]
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. […]
The Algerian army, currently undergoing a deep shakeup, has ordered 14 Russian Sukhoi Su-30 fighter jets, which will enhance the 44 Su-30MKs in service in the North African country. According to Russian press reports, the new fighter jets will be delivered to the Algerian air forces in 2016 and 2017. In 2006, Algeria, an OPEC […]
It seems that Morocco has won another battle against its neighbouring arch-rival Algeria, member of the OPEC cartel. After months of secret negotiations with the two countries, German automaker Volkswagen is believed to have finally picked Morocco to install its new plant following suit of French groups Renault and Peugeot-Citroen. According to sources close to […]
China’s Hudong-Zhonghua company, a wholly owned subsidiary of China State Shipbuilding Corporation, is building a second C28A corvette for the Algerian navy, reported IHS Jane’s Navy International in its latest issue. The Defense, security and intelligence magazine published a photo showing the Algerian warship docked at the Chinese shipyard. The furtive vessel has already been […]
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 […]
Algeria is trying to rally members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members to work towards stopping the fall of oil prices. President Bouteflika has sent messages to more than 10 countries regarding the issue and Energy Minister Youcef Yousfi met with Angola’s Oil Minister Jose Maria Botelho de Vasconcelos […]