INSEAD Day 4 - 728x90

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Russia FM visits Algeria as EU steps up push for alternative gas

Russian Foreign Minister Sergei Lavrov. (AFP)
  • Algeria is a major gas supplier to Europe, providing 11 percent of its imports, compared with 47 percent for Russia.
  • Italy, Spain and other European Union member countries have looked to Algeria as they have sought to cut their dependence on Russian oil and gas after Ukraine invasion.

Russian Foreign Minister Sergei Lavrov visited gas-producing ally Algeria for talks Tuesday as a European drive to secure alternative supplies gathers pace.

Lavrov, who arrived in Algiers late Monday, was due to hold talks with both Foreign Minister Ramtane Lamamra and President Abdelmadjid Tebboune, Algerian reports said.

His visit is the first since January 2019 and comes as the two countries mark the 60th anniversary of their establishment of diplomatic relations.

Russian President Vladimir Putin held telephone talks with his Algerian counterpart last month on “coordination within OPEC+ as well the situation in Ukraine,” Russia’s TASS news agency said.

OPEC+ is a forum that brings together the OPEC oil cartel with allied producers led by Russia in managing output and prices.

Algeria is a major gas supplier to Europe, providing 11 percent of its imports, compared with 47 percent for Russia.

Italy, Spain and other European Union member countries have looked to Algeria as they have sought to cut their dependence on Russian oil and gas since the February 24 invasion of Ukraine.

But industry experts say Algeria lacks the infrastructure and spare capacity to raise gas exports to replace Russian supplies in the short term, something the government has stressed repeatedly as it seeks to avoid offending its longtime ally.