Connect with us

VenturesNow

Algeria forbids Spain from reselling its gas to Morocco

Published

on

Algeria has prohibited Spain from reselling its gas to neighbours Morocco and has threatened to terminate the gas supply contract it entered with the European country after Madrid announced plans to ship gas to Morocco, but stressed that none of that gas would be of Algerian origin, which angered the Algerian government.

A secret report revealed that Morocco wants to import liquefied natural gas (LNG) from Spain by reversing the flow of the pipeline while it moves to develop its own longer-term LNG import terminals.

The Algerian warning came on Wednesday after it emerged that Madrid was planning to resell gas gotten from Algeria to other countries, especially those seen as enemy countries.

Before the warning, Algeria had previously said it will stick to its contract with Spain despite withdrawing its ambassador over a dispute between the two countries relating to the Moroccan-controlled territory of Western Sahara.

Since the invasion of Ukraine by Russia on February 24 and the crisis generated by the conflict, African gas supplies to Europe have grown increasingly important and with no end in sight as the crisis has cast doubt on Russian energy exports, Algeria had entered deals to raise its gas supply to some European countries including Spain and Italy.

Algeria had also decided last year not to extend a deal to export gas through a pipeline running through Morocco to Spain that made up nearly all Morocco’s gas supply and is supplying Spain through a direct subsea pipeline and by vessel.

However, Spain’s energy ministry said that in no case would gas acquired by Morocco come from Algeria and that it had discussed the plan with Algiers in recent months.

“Morocco will be able to purchase LNG on the international markets, unload it at a regasification plant on the Spanish mainland and use the Maghreb gas pipeline to bring it to its territory,” the ministry said on Wednesday.

VenturesNow

Kenya, Uganda settle oil import dispute

Published

on

In an effort to patch things up between the two neighbours, Kenya will permit Uganda’s landlocked state oil company to import petroleum products through its port of Mombasa, the country’s energy ministry said on Thursday.

After decades of receiving their cargo through affiliated firms in Kenya, Uganda has been looking for alternative ways to import petroleum products, including through a port in Tanzania. According to Solomon Muyita, a spokesman for Uganda’s ministry of minerals and energy, the first shipment under the new arrangement is scheduled for May.

“Kenya has agreed to give us a licence, UNOC (Uganda National Oil Company) is now free to import through Mombasa,” he said.

According to reports, UNOC would use the Kenya Pipeline Company to transport the goods, so Kenya would still profit from the agreement, according to Kenyan Energy Minister Davis Chirchir.

In 2022, Uganda imported petroleum products valued at $1.6 billion, the majority of which came from the Gulf. Kenya serves as the import gateway for about 90% of the goods.

It declared in November that it would transfer all exclusive petroleum product supply rights to a division of the international energy trader Vitol, which would subsequently supply UNOC.

According to what the government said at the time, using Kenyan companies to import oil had “exposed Uganda to occasional supply vulnerabilities” whereby Ugandan retail companies were viewed as secondary whenever there were supply disruptions changing retail prices.

The two African nations that make up the Great Lakes are partners in a variety of fields, including trade, infrastructure, energy, education, agriculture, and military security.

Continue Reading

VenturesNow

No plan to increase taxes, Nigeria’s revenue chief says

Published

on

The head of Nigeria’s revenue agency, Zacch Adedeji, has reaffirmed that there is no plan for the introduction of new taxes in the country.

Adedeji, who is the Chairman of the Federal Inland Revenue, made the position known when the Chief Executive Officer of Guinness Nigeria Plc, Adebayo Alli, led the management team of the company on a visit to the Revenue House in Abuja.

He was quoted as saying, “the President gave a directive that he wants a single digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes,” in a statement signed by the Special Adviser on Media to the FIRS chairman, Dare Adekanmbi.

“For us at FIRS, we have responded to that directive. We want to grow the pie such that even if we are taking the same percentage of the bigger pie, the result will be huge.

“By God’s grace, we will not introduce additional taxes nor increase any form of tax. We are only determined to increase the pie. We have restructured our operations at FIRS in such a way that we are now effectively carrying out our duty of assessing, collecting and accounting for taxes. We used to have functional types of taxes, but we have identified that the only customers we have are the taxpayers.”

He stated that by restructuring “our operations based on our customers, using their turnover as the basis to categorise them into large, medium, and small,” FIRS has enhanced its customer relations. He continued by saying that President Bola Tinubu wanted to increase Nigerians’ purchasing power in order to promote growth and increase businesses’ capacity for productivity through the recently implemented consumer credit scheme.

The Nigerian government has been working to overhaul the nation’s monetary and fiscal policies since the start of the Bola Tinubu administration. This has resulted in the central bank and the Oyedele-led tax advisory council implementing daring new policies.

Continue Reading

EDITOR’S PICK

Strictly Personal23 mins ago

Off we go again with public shows, humbug and clowning, By Jenerali Uliwengu

The potential contestants in the approaching elections are already sizing themselves up and assessing their chances of fooling their people...

Musings From Abroad1 hour ago

UAE’s IRH to consider stake in Zambia’s Lubambe copper mine

A division of the International Holding Company of Abu Dhabi, International Resources Holding (IRH), has announced that it plans to...

Sports1 hour ago

Paris Olympics: Nigeria’s D’Tigress in ‘group of death’, to battle Australia, France, Canada

Nigeria’s women national basketball team, D’Tigress, have been drawn in what many term the group of death after they were...

Tech2 hours ago

Egyptian AI-powered ed-tech startup Sprints raises $3m to scale up platform

Egyptian AI-powered ed-tech startup, Sprints, has announced raising $3 million bridge round of funding to help it scale up its...

Culture2 hours ago

Actress Yvonne Nelson lambasts Ghanaian President Akufo-Addo, labels his regime ‘8 years of lies’

Ghanaian actress and filmmaker, Yvonne Nelson, has lambasted President Nana Akufo-Addo over a viral video from the Neo-natal Intensive Care...

Metro2 hours ago

Zambia, Botswana sign cooperation instruments to enhance trade

Zambia and close neighbours, Botswana, have signed 10 instruments of cooperation aimed at enhancing trade relations between the two countries....

VenturesNow3 hours ago

Kenya, Uganda settle oil import dispute

In an effort to patch things up between the two neighbours, Kenya will permit Uganda’s landlocked state oil company to...

VenturesNow10 hours ago

No plan to increase taxes, Nigeria’s revenue chief says

The head of Nigeria’s revenue agency, Zacch Adedeji, has reaffirmed that there is no plan for the introduction of new...

Metro11 hours ago

Tinubu vows justice for slain soldiers, bestows national honours on them during burial

President Bola Tinubu has once again reiterated that killers of 17 soldiers of the Nigerian Army in Delta State on...

VenturesNow1 day ago

Nigeria’s central bank raises interest rate to 24.75% amid soaring inflation

Governor Olayemi Cardoso of Nigeria’s central bank has announced that the bank has increased its monetary policy rate by 200...

Trending