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

Published

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

Published

14 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

16 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.