INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

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

Algiers, Algeria— 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.”