North Africa’s Economy
Companies: Series of blunders result in millions of dollars of losses to Algeria oil firm Sonatrach ($)
After the disastrous oil leaks last week that took place on one of its pipelines in El-Oued and the problems that prompted a halt in activity in the LNG facilities in Skikda and Arzew on 7 September, Sonatrach experienced an explosion that reportedly damaged a large...
As Algeria-EU trade deal approaches, Algerian officials want new terms
Algiers, Aug 23, 2020 - Days ahead of a final deadline, activation of a long-planned Algeria-EU trade deal risks unravelling as political and business leaders in the North African country warn it will undermine economic sovereignty. The deal is meant to come into...
Opec reports members’ conformity to lower production, signals market improvements
Opec ministers stuck to an agreement to lower oil production at a monthly meeting Wednesday, underlining that only strict compliance could restore stability to prices undermined by the coronavirus pandemic. Ahead of a virtual meeting of OPEC and non-OPEC producers,...
Libya: Tripoli airport re-opens
Tripoli, Aug 11, 2020 - Flights out of the Libyan capital's only working airport have resumed, after a four-month suspension due to fighting and a shutdown to curb the coronavirus pandemic. The first flights took off Sunday from Mitiga airport in Tripoli's eastern...
Algeria: With a bankrupt economy and poor governance, Algeria wants to revisit its trade agreement with EU
Algiers, Aug 10, 2020 - Algeria's president has requested the country's trade minister reassess a deal with the European Union, ahead of a free trade agreement due to come into effect on September 1. President Abdelmadjid Tebboune asked Kamel Rezig to "carry out an...
Algeria: Currency depreciation, inflation, recession, and the pandemic: an economy in turmoil
Algiers, Aug 9, 2020 - [Photo: Algerian retirees queuing to withdraw their pensions during a cash crunch in July 2020] Currency depreciation, inflation, negative growth, businesses closed: Algeria's economy has been battered by the one-two punch of the coronavirus...
Morocco travel sector facing a daunting outlook
The resumption of domestic flights at the end of June in Morocco, followed by a partial reopening of borders on July 15, all in a context of easing of containment measures, had given the travel industry hope. But the announcement on July 26 of the closure of eight...
Egypt: Impasse in talks over Nile dam. Sudan threatens to withdraw
Egypt on Tuesday called for a suspension of meetings with Ethiopia on Addis Ababa's massive dam construction project on the Nile. Sudan threatened to withdraw from the talks saying Ethiopia insisted on linking them to renegotiating a deal on sharing the waters of the...
Former and current ENI CEOs in trouble over alleged bribery in Nigeria
North Africa Journal's editor's note: Although this case is on ENI's alleged corruption case in Nigeria, ENI's subsidiary Saipem has also been implicated in alleged wrongdoing in Algeria. Rome - AFP - Italian prosecutors said late Tuesday they are seeking an...
Libya’s businesses in ruin
Libyan businessman Mahmud al-Sharkassi surveyed the ruins of his factory on the outskirts of war-scarred capital Tripoli, disheartened but determined to get back to work. "This used to be the heart of my project. Everything started here," he said, looking over...