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Algerian-American Energy Forum in November: The Opportunity to Finalize with Exxon Mobil and Chevron

by Editor
written by Editor

Senior executives from the state-owned Sonatrach group will meet with executives from Exxon Mobil and Chevron at the Algerian-American Energy Forum in Washington this November.

The parties concerned have already been discussing upstream gas partnerships in Algeria for several months and this meeting could be sanctioned by the signing of cooperation contracts in the gas field.

Indeed, according to Energy Minister Mohamed Arkab, who recently commented on the case, “negotiations with US oil groups are progressing and will have to be finalized before the end of this year.”

November forum presents an opportunity to finalize discussions with the US oil giants Exxon Mobil and Chevron and to sign possible partnership agreements between Sonatrach and the two American groups.

Indeed, last March, Sonatrach signed a memorandum of understanding with Chevron to invest in gas exploration and production in the south, and talks with Exxon Mobil are still ongoing. This is a new era for U.S. investments, which will lead to a stronger presence in the Algerian oil and gas market, which today is summed up in the presence of a single U.S. player in the oil and gas sector in Algeria, Oxy Petroleum.

Algeria, which has set itself the objective of improving its gas production by 53% in the coming years, through the renewal of its natural resources, is counting on foreign investment in the field of “exploration”.

Indeed, this issue was one of the key issues in discussions with the US oil and gas giants Exxon Mobil and Chevron. Sonatrach discusses “terms of agreements with Exxon and Chevron that would include both exploration for conventional and shale gas reserves,” Energy and Mines Minister Mohamed Arkab said.

SOURCE; ALGERIAINVEST.COM

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AfricaAFRICA NEWSALGERIANorth AfricaNorthern Africa

As Algerian oil is verging on $100: Economic growth to speed up the pace

by Editor
written by Editor

Growth in Algeria is expected to accelerate further in 2024, at a sustained pace over the past two years, reflecting not only the current rise in oil prices but also the expected consolidation of the performance of the main non-hydrocarbon economic sectors.

Indeed, the Sahara blend, Algeria’s benchmark crude oil, which price increased by an additional premium over the North Sea Brent, to which it is indexed, is now expected to exceed $100, giving Algeria more comfortable wiggle room to consolidate its external financial equilibrium and the overall pace of economic growth.

Brent crude, the benchmark for Algerian oil prices, closed last week at $95 per barrel. And, according to market analysts, that trend will continue, with global oil supply tightening further in response to renewed growth in demand, especially in China and the United States – the two main forces driving the global economy.

These are very favorable signals for the Algerian economy, which will have to perform better in 2024, mainly by consolidating the positive balances of its trade and payments balances and by strengthening its official foreign exchange reserves, currently valued at nearly $85 billion, which is sufficient coverage for more than two years of imports of goods and services.

This expected consolidation of the macroeconomic and macro-financial balances should also serve as the basis for an acceleration in the pace of growth of the national economy, which should thus be boosted both by its traditional relays in the oil and gas sectors, but also and above all by the continuation of the efforts undertaken in the non-hydrocarbon sectors, especially agriculture and industry with its various branches.

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AfricaAFRICA NEWSBanking, Finance & InvestmentNorth AfricaNorthern Africa

Belhadj: the repayment of 74% of Tunisia’s external debts for 2023 is a positive indicator

by Editor
written by Editor

The doctor in economic sciences, teacher-researcher at the University of Carthage and consulting expert, Aram Belhadj, commented on the information which circulated last weekend and according to which Tunisia has repaid 74% of these external debts for 2023, and this without the agreement with the International Monetary Fund (IMF).

Speaking to Hatem Ben Amara in the Sbeh El Ward show on Jawhara Fm, the economist estimated that this is a positive indicator given the significant difficulties in public finances. He explained the improvement in foreign currency assets to the good tourist season, the improvement of exports and financial transfers from Tunisians living abroad (TRE). He also recalled that certain financial institutions and countries have granted loans, deposits and donations to Tunisia, notably the African Development Bank (AfDB), the African Export-Import Bank (Afreximbank), Algeria and Saudi Arabia.

“  All these factors meant that the country’s foreign currency reserves were at a good level and this allowed the country to repay these debts  ,” said the expert.

And to recall that Tunisia has always kept its commitments despite the difficulties of public finances.

“  When we talk about public finances, we talk about the capacity of the State to respect all of its commitments. The fact that we have paid a good part of our commitments is a positive element, but in no way represents an indicator of an end to the crisis. Certainly, the country has repaid its foreign creditors. But the budget is not only made up of the debt section, in particular the importation of medicines, the payment of salaries, the payment of suppliers, etc.  “, he explained.

And to recall the problems observed at the level of supply, payment of suppliers in addition to the exorbitant domestic debt which is essentially intended for the payroll.

For him, public finances are experiencing significant difficulties: “  we do not know how the government will complete the 2023 state budget, as was the case in 2021 and 2022, and we will not know,  ” he argued, noting that the latest figures on the execution budget have not been published.

Aram Belhadj insisted: “  The situation of public finances is difficult despite the positive indicators recorded  .” And to estimate, in response to a question from the host, that the country will need a complementary finance law.

SOURCE; BUSINESSNEWS.COM.TN

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AfricaAFRICA NEWSNorth AfricaNorthern Africa

According to an American study: Apiculture has a flourishing future in Algeria

by Editor
written by Editor

A U.S. study looked at the honey market in Algeria and the opportunities it presents while highlighting the country’s potential in this area. “Analytical Tip”, a firm specializing in emerging market research, puts forward figures on the evolution of the honey market in Algeria, currently estimated at US$39.1 million in 2022 and “should reach a stock market valuation of US$70.6 million by 2031, with a CAGR of 6.8% in the 2023-2031 forecast period”.

The same source explains the growth rate of investment in apiculture by the interest ‘held by local investors’ in beekeeping, which has led to the emergence of a ‘thriving honey industry’ with ‘distinctive characteristics’ that distinguish it from other world honey markets.

According to the same source, Algeria has significant potential which unfortunately remains untapped and which could enable it to play an important role on the international market.

Honey produced in Algeria is often appreciated for its unique taste, colour and aroma, attracting consumers looking for something special and different,” the paper states.

In addition to natural potentialities, the analysts pointed to another phenomenon related to traditional know-how. “Traditional beekeeping, deeply rooted in Algerian culture, is the backbone of the industry.

According to the study’s editors, “Even if current production meets national needs, Algeria can expand its production by exploiting international markets in search of real Algerian honey. Given the current growth trajectory, projections for the Algerian honey market are optimistic.”

Source; Algeriainvest.com

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AFRICA NEWSNorth AfricaNorthern Africa

Fish Farming: “A booming activity in Algeria”, according to Rachid Boukedjouta

by Editor
written by Editor

Rachid Boukedjouta, Deputy Director of the National Center for Research and Development in Fisheries and Aquaculture (CNRDPA), revealed on Tuesday on Radio Nationale that “fish farming in Algeria is a reality”.

Although Skikda’s first floating cage fish farm, which entered production last year after 14 months of fattening in the municipality of El Marsa, sea bream farms have been set up in the south-west, supplying some 300 tons of stocks of sea bream.

In this regard, Rachid Boukedjouta said that “the center, under the supervision of the public authorities and professionals, monitors fishing activity along the Algerian coast every year with the aim of ensuring the rational exploitation of fish wealth and its protection”.

He revealed that “Algeria has two major continental plateaus in terms of abundance of fish stocks in both the east and west of the country, but that the central region of the country is not the same size.”

For him, “marine life is determined by a depth ranging from zero to two hundred meters.”

He added: “We have developed a short-term research strategy extending to 2025 in partnership with public authorities and professionals to track the movement, activity and reproduction of the most important fish marketed on the national market, which have economic and environmental importance, with the aim of determining their commercial volume and rest periods to avoid harming the national wealth, including tuna and long swordfish.”

Source; algeriainvest.com

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AFRICA NEWSNorth AfricaNorthern Africa

Western Sahara demands a seat at climate table

by Editor
written by Editor

Western Sahara republic expresses wish to be included in UN-led climate governance. 

“The failure of the UN mandated decolonization process in the last Colony of Africa, Western Sahara, cannot be an excuse to exclude the Saharawi Arab Democratic Republic (SADR) from playing its part in the world’s struggle against climate change and devastating impacts”,  Western Sahara President Brahim Ghali stated in his speech at the African Climate Summit in Nairobi today.

The Summit lasts from 4 to 6 September. The delegation of the Western Sahara republic is led by its president, who took the floor today to highlight the climate injustice that is being played out in occupied Western Sahara.

“It’s not acceptable that we are still excluded from financial systems that have been established to act on climate change, as well as unfair not to access Technical Support through UN climate finance mechanisms or multilateral development initiatives”, Mr. Ghali told.

The Western Sahara republic (SADR) is a member state of the African Union, but not of the United Nations, and as such, not a party to the United Nations Framework Convention on Climate Change (UNFCCC).

The UN’s failure to solve the conflict in Western Sahara has thus resulted in the exclusion of the Western Sahara government from global climate governance and finance mechanisms. Meanwhile, the Saharawi people – many living as refugees in one of the most inhospitable parts of the Algerian desert as a consequence of Morocco’s brutal occupation – are increasingly exposed and ever more vulnerable to worsening climate hazards to which they have hardly contributed themselves. On top of that, the UN accepts Morocco, which occupies Western Sahara, to include the territory in its national climate plans drafted under the Paris Agreement, allowing the country to artificially inflate its climate mitigation efforts and, as a result, benefit maximally from climate finance mechanism.

“It’s absolutely necessary that the SADR be represented in the  UNFCCC and at the COPs and be a signatory to the Paris Agreement to participate in climate negotiations, and formally submit our Nationally Determined Contribution (NDC) to the UNFCCC Secretariat”, Ghali added, referring to the climate plan, or NDC, that the Saharawi government has developed at its own initiative to outline the actions it intends to undertake to contribute to global efforts to address the climate crisis.

The Moroccan delegation to the Summit was initially going to be headed by Prime Minister Aziz Akhannouch, but in protest to the Saharawi participation, that delegation has been downscaled significantly. 

The three-day Summit brings together heads of state and investors from Africa, and beyond to share experiences and solutions for a sustainable, resilient Africa. They plan to issue a declaration outlining Africa’s position ahead of a UN climate conference later this month and the COP28.

Below is reportedly the full text speech of the SADR president, delivered on 5 September 2023. 

“Your Excellency Mr. William Ruto
President of the Republic of Kenya and President of the AU Committee of Heads of State and Government on Climate Change 
Your Excellency Mr. Azali Assoumani 
chair of the African Union 
Your Excellency Mr. Moussa Faki
Chairman of the AU Commission 
Excellencies 
Ladies and Gentlemen 
Distinguished Guests,

first of all, I would like to express my sincere thanks and appreciation to the Government and the People of the Republic of Kenya, headed by His Excellency Mr. William Ruto, for the kind invitation, for the warm reception we received. 

We very much appreciate the conditions you provided to make this event a successful one: the African Climate Summit.

Like other nations represented here today, the SADR is on the frontline of the climate crisis. 

We are facing the challenges of climate change at the same time as we are engaged in the struggle for decolonization and against the occupation posed by the Moroccan state, and these challenges are linked. 

This situation has driven over 200,000 Sahrawis into the desert interior, where temperatures are higher, and where the projected impacts of climate change are more extreme than in the occupied homeland from which they have been displaced. 

In the Occupied Territories of the SADR, illegal systematic discrimination and exclusion make our people more vulnerable to the impacts of climate change. The development by the occupier of settlements, industry, commercial fisheries, coastal infrastructure, and export agriculture, place our environment and natural resources under greater stress.

The occupation military Berm that divides our country starves the eastern areas of water, driving ecological degradation and amplifying the effects of drought in the Liberated Territories of the SADR. The mine-contaminated areas along the Berm turned to be uninhabitable and with low economic productivity. 

These challenges made it both more difficult and more urgent for the SADR to take action on climate change. In recent years we have increased our focus on climate change. The SADR has developed its own Nationally Determined Contribution or NDC, setting out our situation and position, and identifying actions to adapt to climate change and to mitigate it through development based on renewable energy rather than fossil fuels. The NDC is supported by a National Adaptation plan or NAP. The NDC and NAP have been cross-ministerial initiatives.

In the Sahrawi refugee camps, the Sahrawi Government has developed water-efficient agricultural systems and new, low-cost methods of housing construction to confront increased flood risk. Small-scale solar power systems are widespread in the camps.

In the Liberated Territories of Western Sahara, We have piloted rural electrification projects based on solar and wind power, including solar water pumps to support livestock and horticulture, and photovoltaic systems to support medical facilities in remote locations. 

Mr. President, 

Although the SADR is a desert Country, we have much to offer Africa’s Blue Economy. Our Atlantic coasts that long over 1110 km are home to abundant fisheries, and our coastline houses important wetlands, including four sites recognised under the international Ramsar convention: Oued Seguia, Boujador, Bay of Dajla and Sabjet Imlili.

Though all these resources are vulnerable to climate change and over exploitation by the occupying State, the SADR will take a different, more responsible, and sustainable approach to the management of our assets in accordance with the African initiative and its aims in preserving the coasts and wetlands in our Continent and worldwide.

We will ensure that sites of international ecological and scientific importance have proper climate-sensitive management plans. We will seek partnerships with other African countries and organisations to build our capacity and share knowledge relevant to the Blue Economy.

The failure of the UN mandated decolonization process in the last Colony of Africa, Western Sahara, cannot be an excuse to exclude the SADR from playing its part in the world’s struggle against climate change and devastating impacts. It’s not acceptable that we are still excluded from financial systems that have been established to act on climate change, as well as unfair not to access Technical Support through UN climate finance mechanisms or multilateral development initiatives.

Nothing can obstruct the SADR from its right and duty to contribute in Africa’s, and the world’s existential battle against climate change.

No one can prevent us from sharing the skills and knowledge gained through decades of adapting to harsh climatic conditions with other peoples and nations.

It’s absolutely necessary that the SADR be represented in the United Nations Framework Convention on Climate Change (the UNFCCC) and at the COPs and be a signatory to the Paris Agreement to participate in climate negotiations, and formally submit our NDC to the UNFCCC Secretariat.

A Sahrawi voice in the UNFCCC and at the COPs will be another African voice at the table and can only strengthen Africa’s position.

The sustainable development and management of Africa’s Blue Economy is closely linked to how we respond to the challenge of climate change. The SADR stands ready and willing to play its part in both with its sister African nationals and world nations.

Thank you very much and I wish you all the best”

Source; wsrw.org

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AfricaAFRICA NEWSBusinessEgyptNewsNorth AfricaNorthern AfricaOil & Gas

Egypt and Greece reject Turkey-Libya maritime hydrocarbons deal

by Radarr Africa
written by Radarr Africa

Egypt and Greece on Monday rejected the signing of the unity government in Libya, based on two memoranda of understanding formulated by Turkey in the field of hydrocarbon resources to explore for gas and oil.

In a statement, the Egyptian Foreign Ministry said that Minister Sameh Shoukry and his Greek counterpart Nikos Dendias confirmed that the outgoing unity government in Tripoli does not have the authority to sign any international agreements or memoranda of understanding.

In a press conference with his Libyan counterpart Najla Mangoush, Turkish Foreign Minister Mevlüt Çavuşoğlu said during the signing of the MoUs: “The hydrocarbons agreement just signed aims to establish cooperation between Turkish and Libyan companies in exploration, based on the concept of mutual profit on land and at sea.”

Longstanding dispute

The dispute between Egypt, Greece, and Turkey dates back to November 2018, when Ankara signed a maritime agreement with the former Libyan Government of National Accord.

Practically, the new agreement will open up more areas for Turkey to explore for energy in the Mediterranean, in areas that Greece and Cyprus mentioned as belonging to them.

Egypt previously described the deal as “illegal”.

On Monday Çavuşoğlu said, “There may be a misunderstanding regarding the maritime jurisdiction agreement. This is an agreement signed between two sovereign countries and is valid.”

“Moreover, Turkey and Libya informed the UN of signing the agreement, and we registered the boundaries of our continental shelf with the UN, and now Libya must determine its continental shelf and its maritime jurisdiction areas and register it with the UN.”

The signing of the two memoranda of understanding between Ankara and Tripoli coincides with tension between Egypt and the unity government in Libya, despite a period of calm and rapprochement between the two sides in recent months.

Turkey has gained great weight with the ruling forces in western Libya since its military support for the Government of National Accord (GNA) in repelling the attack of the commander of eastern Libyan forces, retired General Khalifa Haftar, on the capital, Tripoli in 2019.

Source: Egypt Independent

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AfricaAFRICA NEWSBusinessEgyptNewsNorth AfricaNorthern Africa

World Bank approves a $400m loan to Egypt for low-carbon freight railway

by Radarr Africa
written by Radarr Africa

The World Bank has approved a $400 million loan to Egypt to develop a railway bypass for freight trains that will help improve and decarbonise the country’s transportation and logistics sector, the lender said on Monday.

The Cairo Alexandria Trade Logistics Development Project will allow for increased freight capacity along the congested railway corridor between the Alexandria Sea Port, Greater Cairo Area and the newly constructed 6th of October Dry Port further west.

The GCA corridor currently accommodates three freight trains per direction per day, with the rest dedicated to passenger trains. The new bypass would allow 15 container trains per day by 2030 and up to 50 trains daily by 2060.

Because transporting freight by train rather than by road has a lower carbon footprint, the bank estimates the project will reduce greenhouse gas emissions by 965,000 tonnes over 30 years.

Egypt’s transportation sector is the second-largest contributor to the country’s greenhouse emissions after energy, contributing about 19 per cent.

“This agreement will support the government of Egypt’s progress towards clean, smart transportation to reduce emissions, all within the framework of the green economy transition, while also increasing private sector participation in development efforts,” Egyptian Minister of International Co-operation Rania Al Mashat said in a separate statement.

As host of the UN climate summit Cop27 next month, Egypt has been ramping up projects and investments for its green transition.

Through its National Climate Strategy 2050, the country plans to spend $211 billion on mitigation programmes to avoid and reduce emissions, and another $113bn on adaptation programmes to respond to the impact of climate change. However, it faces a funding gap of about $250bn.

The $400m in development financing for the $998m railway project is being provided by the International Bank for Reconstruction and Development, the World Bank’s lending arm.

It has a 29-year term with a seven-year grace period, and also includes technical and institutional support for the National Railways Authority, the ministry said.

The development finance portfolio between Egypt and the World Bank includes 15 projects worth $5.7bn in the sectors of health, entrepreneurship, transport, social protection and small and medium enterprises.

Minister of Transportation Kamel El Wazir said the latest project is “aligned with Egypt’s pressing development priorities, which include decarbonisation, trade facilitation, private sector participation and gender balance in the workplace”.

One of the project’s objectives is to increase the number of containers moved by rail “from zero to 184,000 per year”, he said.

Private investors will be able to operate their trains on the national tracks by paying a fee through a new infrastructure access charging regime.

The project will also encourage female labour force participation by providing childcare options and supporting their professional development, the World Bank said.

“We hope that through supporting more job creation, including for women, a cleaner environment, and providing safer mobility, the operation will contribute towards a brighter and more prosperous future for all Egyptians,” said Marina Wes, World Bank country director for Egypt, Yemen and Djibouti.

Source: The national news

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AfricaAFRICA NEWSEgyptNewsNorth AfricaNorthern Africa

EGAS announces 5 new gas discoveries in Mediterranean Sea, Nile Delta

by Radarr Africa
written by Radarr Africa

The Egyptian Natural Gas Holding Company (EGAS) announced that 5 new gas discoveries were made in the Mediterranean and the Nile Delta, with total reserves of about 317 billion cubic feet of gas, in addition to confirming reserves of 471 billion cubic feet after drilling the well (Bashrush 3) in the Mediterranean.

Executive Director of EGAS, Magdy Galal, added during the company’s general assembly, to approve the results of the financial year 2021/2022, indicated that gas exports increased over the year by 44 percent on an annual basis, as 84 shipments of liquefied natural gas were exported from the gas liquefaction plants in Idku and Damietta.

ALSO READ: Egypt’s gas exports hit $8B in 2021/2022

He pointed out that two new international bids were launched to search for gas and oil, which were fully launched for the first time in a digital form through the Egypt Exploration and Production Gateway, and resulted in the assignment of 3 areas to Eni and the British Petroleum Company, with a total investment of $278 million and signature grants of more than $29 million.

A three-dimensional seismic survey program with OBN technology, a modern technology implemented for the first time in the Mediterranean, has been implemented to explore the deep layers with a total area of ​​about 330 square kilometers in the Atoll and North Tabia marine areas of the BP company.

Source: Egypt today

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AfricaAFRICA NEWSBusinessEconomyEgyptNigeriaNorth AfricaNorthern Africa

Sisi directs CBE’s governor to end obstacles to import, manufacture within two months

by Radarr Africa
written by Radarr Africa

President Abdel Fatah El-Sisi directed the Governor of the Central Bank of Egypt, Hassan Abdullah, to end all obstacles facing import and local manufacturing operations, resulting from the Russian-Ukrainian crisis, within two months.

This came during President Sisi’s inauguration of a number of new national projects in the investment zone in the city of Banha in Qalyubia Governorate, via “video conference”.

“The private sector in Egypt represents about 75 percent of the size of the economy and the state directs great support to the industry, and we will facilitate all obstacles and difficulties that businessmen and manufacturers may face,” according to President Abdel Fatah El-Sisi.

In his speech, Sisi indicated that Egypt aims to reach the value of exports to $100 billion, which is a modest number when compared to a country with a population of more than 104 million, as he described it.

Earlier in September, the Central Bank of Egypt (CBE) issued new instructions to facilitate import operations, as well as other instructions it had previously issued, after a meeting of the Deputy Governor of the Central Bank, Gamal Negm, with manufacturers.

These instructions included the release of imported shipments that worth up to $25,000 to importers once every 6 months, while shipments with a value exceeding $25,000 are released using Form 4.

The CBE also excluded the foreign component from opening a documentary credit in the case of electronic goods that are assembled in Egypt and consist of local parts next to the imported parts, and shipping documents are accepted in light of the fact that they are a production requirement.

“Accepting the proceeds of companies’ cash deposits in foreign currencies resulting from export operations with neighboring countries “Libya – Syria – Sudan – Palestine – Iraq – Yemen”,” the instructions revealed.

In addition to using it in the implementation of import operations, taking into account the proportion of the value of deposits with the volume and nature of the customer’s usual activity and the value of the documents indicating the export operation.

ALSO READ: Egypt set up committee to ease customs clearance and tax return to participants in COP27

According to the Central Bank of Egypt’s statement, the exporter must complete a true copy of the customs declaration certified by the competent customs, the General Organization for Export and Import Control, and the foreign trade sector in the Ministry of Trade and Industry, according to the two periodicals issued by the Central Bank on May 13, 2015 and October 20, 2015.

Source: Egypt today

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