Search Site

Trends banner

Goldwind 2024 revenue up 12.5%

The clean energy giant posted $7.8bn in revenue for 2024.

Emaar to pay $2.39bn dividend

The company had posted $19bn in property sales for 2024.

Aramco acquires stake in BHIG

The 50% equity interest in BHIG is Aramco-APQ joint venture.

ADNOC L&S okays $273m dividend

The final dividend of $136.5m will be paid on April 3.

ADNOC Gas to pay $3.41bn dividend

It includes $1.7 billion scheduled for distribution in Q2 2025.

EU energy head hails “partnership” with Algeria

EU energy commissioner Kadri Simson and members of her delegation, attend a meeting with Algeria's Minister of Energy and Mines Mohamed Arkab and members of his cabinet. (AFP)
  • Algeria has helped Europe diversify its energy supplies by pumping more gas to Italy, which in July signed a deal to import billions more cubic metres
  • Energy Minister Mohamed Arkab said his country was "a trusted supplier" that always honors its obligations

AlgiersAlgeria— The European Union’s energy commissioner hailed a “long-term strategic partnership” with Algeria Tuesday as the bloc turns to Africa’s biggest gas exporter to fill a gap left by Russian supplies.

“As the relationship with Russia, so far EU’s biggest gas supplier, is irreversibly broken, we are turning to the EU’s reliable suppliers to fill in the gap,” said Kadri Simson.

“In this respect we are offering Algeria a long-term strategic partnership.”

Simson is the latest in a string of top European officials to visit Algeria in search of more natural gas, since Russia cut gas supplies to Europe in suspected retaliation against Western sanctions after Moscow’s invasion of Ukraine.

Algeria has helped Europe diversify its energy supplies by pumping more gas to Italy, which in July signed a deal to import billions more cubic meters via an undersea pipeline from the North African coast.

Europe’s hunt for gas has become ever more urgent as winter approaches, but experts have cast doubt over Algeria’s ability to boost output in the short term.

Algerian Prime Minister Aimene Benabderrahmane however said state hydrocarbons firm Sonatrach had put in place an “accelerated program” to bump up output.

Energy Minister Mohamed Arkab, speaking at an energy summit in the capital Algiers attended by Simson, said his country was “a trusted supplier” that always honors its contractual obligations.

He added that Algeria was examining the possibility of laying high-voltage cables under the Mediterranean to export electricity to Europe, and that the country hopes to produce as much as 50 percent of its electricity from renewable sources by 2035.

Simson said she wanted the EU to help Algeria reduce its methane emissions and boost its electricity output from renewables.

“Algeria has one of the highest solar based energy potential in the world,” she said in a tweet. “The EU is ready to help Algeria unlock this potential.”