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AD Ports Group 2024 net profit $484m

The Group's revenue increased 48 percent year-on-year.

TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

Algeria a ‘reliable’ gas supplier: EU chief Michel

  • Before the Ukraine war, Algeria provided the European Union with some 11 percent of its gas needs
  • Algiers has seen a string of high-profile visitors in recent months seeking to boost exports
Algeria is a “reliable” energy supplier, European Council President Charles Michel said on Monday during a visit to the North African country as Europe scrambles to replace Russian supplies. 
“Given the international circumstances that we’re all aware of, energy cooperation is obviously essential, and we see Algeria as a reliable, loyal and committed partner in the field of energy cooperation,” Michel said after meeting President Abdelmadjid Tebboune.European officials have been looking to Algeria, Africa’s biggest gas exporter, to fill a shortfall in supplies after Russia’s invasion of Ukraine in February sent prices soaring.

The situation has taken on added urgency in recent days after Russia halted gas deliveries to Germany via the key Nord Stream pipeline just weeks before Autumn begins.

Before the Ukraine war, Algeria provided the European Union with some 11 percent of its gas needs, against 47 percent provided by Russia.

Algiers has seen a string of high-profile visitors in recent months seeking to boost exports.

Late last month, French President Emmanuel Macron welcomed moves by Algiers to help “diversify” Europe’s gas supplies.

In July, Italy’s Eni, US major Occidental, France’s Total and Algeria’s Sonatrach signed a $4 billion oil and gas production-sharing contract Tebboune said would provide Italy with “significant volumes of natural gas”.

Algiers has also vowed to boost gas deliveries to Italy via its undersea Transmed pipeline by the end of the year.

But according to industry publication the Middle East Economic Survey, Algeria’s total natural gas exports fell 18 percent year-on-year for the first half of 2022.

“The sheer dependence of several (European) importers on Russia makes replacing these volumes an impossible challenge, at least in the near-to-medium term,” it said.