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Italy signs gas deal worth billions of dollars with Algeria to reduce reliance on Russia

Published

3 years ago

April 12, 2022

Algeria and Italy have signed a massive gas deal worth billions of dollars which would see the European country reducing it’s heavy reliance on Russian imports amid the raging Ukrainian invasion which has led to a plethora of sanctions including economic.

Italian Prime Minister Mario Draghi, who announced the deal on Monday, said with the deal which comes into effect this autumn, increased gas supplies will be sent through the Transmed undersea pipeline, which links Algeria to Italy via Tunisia.

Before sealing the major gas deal, Italy which buys the vast majority of its natural gas from overseas, with 40% of it’s supplies coming from Russia, has been experiencing severe gas shortages since the Russian invasion of Ukraine on February 24, with the attendant sanctions by the EU, the UN and several countries.

Speaking shortly after signing the deal in the Algerian capital, Algiers, Mr. Draghi said his government had signed a preliminary agreement on energy cooperation with Algeria.

As Italy looks to diversify its #energy supply, PM Mario Draghi and @Eni CEO are set to visit Algeria to sign a deal on gas imports.

Find out Italy’s role in the new energy landscape at this year’s #Gastech, the biggest gathering of the sector.
https://t.co/LEj2pWQ1pY

— Gastech Event (@GastechEvent) April 12, 2022

“Immediately after the invasion of Ukraine, I announced that Italy would move with the utmost speed to reduce dependence from Russian gas.

“Today’s agreements are a significant response to this strategic goal. Others will follow,” he said.

Related Topics:Algeria Featured gas Italy

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Mozambique drops interest rate for 6th time in 2024

Published

6 days ago

November 29, 2024

Ifeoluwa Dada

As inflation remains low in southern African Mozambique, its central bank has lowered its main interest rate by 75 basis points, the sixth straight drop.

Mozambique’s MIMO interest rate dropped from 13.50% to 12.75%. Since July, Mozambique’s inflation rate has stayed below 3%; in October, it was 2.68% annually.

In a statement, the Bank of Mozambique stated that, despite concerns about post-election demonstrations and their effect on the cost of goods and services, its most recent monetary policy decision was consistent with maintaining inflation in the single digits over the medium run.

With a moderate inflation forecast, the policy rate was lowered for the sixth straight time.

Despite concerns about post-election demonstrations and their effect on the cost of goods and services, policymakers said the decision was compatible with keeping inflation in the single digits in the medium run.

Although headline inflation increased slightly to 2.68% in October from 2.45% in July, it has stayed below 3% since then. Banco de Moçambique is the source.

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Hackers stole $17 million from Uganda National Bank— Report

Published

7 days ago

November 28, 2024

Ifeoluwa Dada

The state-owned New Vision newspaper has reported that offshore hackers had stolen 62 billion Ugandan shillings ($16.8 million) from Uganda’s central bank.

Earlier this month, the hackers, who went by the name “Waste,” allegedly gained access to the Bank of Uganda’s IT systems and moved the money illegally.

According to New Vision, which cited anonymous bank sources, the Southeast Asian hacker collective moved a portion of the pilfered funds to Japan.

A request for comment on the issue from Reuters was not immediately answered by Bank of Uganda. A request for a response from the Ugandan police was likewise not answered.

More than half of the funds had been successfully retrieved by the central bank from the hackers, according to New Vision. It stated that President Yoweri Museveni had ordered a probe into the cyberattack.

Separately, the Daily Monitor, Uganda’s largest independent daily, stated that insider collaboration could have played a role in the crime.

In Uganda, there have been several instances of cyber thefts from banks and other financial service providers, including telecom companies. However, according to police authorities, several banks are reluctant to openly admit such events for fear of upsetting their clientele.