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Algeria forbids Spain from reselling its gas to Morocco

Published

1 year ago

April 28, 2022

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.

Related Topics:Algeria Featured gas Morocco Spain

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Nigeria’s central bank governor, Godwin Emefiele suspended by President Tinubu

Published

13 hours ago

June 9, 2023

Ifeoluwa Dada

Nigerian president, Bola Tinubu has suspended the country’s central bank governor, Godwin Emefiele.

The office of the Secretary to the Government of the Federation announced the suspension of the Central Bank of Nigeria (CBN) head on Friday evening.

The director of information at the SGF office, Willie Bassey, in a statement, said the suspension was with immediate effect.

The CBN under Emefiele announced new designs of the N200, N500, and N1,000 notes in December. The implementation of the policy was however controversial as it launched an era of cash scarcity which some observers say was targeted at then ruling party’s candidate, Bola Tinubu, and some believe limited his chances.

Tinubu has signalled going in a different direction. During his inauguration speech, he pledged to pursue unification of the exchange rate windows and backed ease of repatriation of funds for foreign investors, policies that have not been favoured by the CBN under Emefiele.

Former president Muhammadu Buhari reappointed Emiefele for a second and final term of five years in 2019. He was appointed by former President Goodluck Jonathan in February 2014, hours after he announced the suspension of his predecessor, Sanusi Lamido.

He was the managing director of top Nigerian bank, Zenith Bank before his appointment .

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Ghana records 32% increase in gold production in 2022

Published

14 hours ago

June 9, 2023

Ifeoluwa Dada

West African country, Ghana has returned to top of gold production on the continent after displacing South Africa following a 32% increase in 2022.

According to the president of the mines chamber, gold output rose to 3.7 million ounces in 2022 from 2.8 million ounces the previous year, as a result of growth in the output of both large and small-scale sectors.

Joshua Mortoti, while addressing members of the Ghana Chamber of Mines at an annual general meeting revealed that “The large-scale gold sub-sector recorded its highest output in the country’s history in 2022.”

He further revealed that the expansion of production at existing mines facilitated the large-scale sector’s gold output up by 13% to 3.1 million ounces last year from 2.7 million ounces in 2021.

Over 77,620 ounces of gold were sold in 2022 under the Domestic Gold Purchase Programme, a scheme launched by the Bank of Ghana to boost reserves.

Mining is a major economic activity in Ghana and a key contributor to the Ghanaian economy. Gold mining accounted for 48.4% of gross merchandise exports in 2020.