VenturesNow

Egypt, Israel, EU sign deal to boost East Mediterranean gas exports to Europe amid Ukraine war

Published

3 years ago

June 16, 2022

Egypt, Israel, and the European Union have signed a tripartite deal to increase liquified natural gas sales to EU countries aimed at reducing the dependence on supply from Russia due to the war currently ongoing in Ukraine.

The North African country struck the lucrative deal with Israel and the EU on Wednesday which will see it receive more Israeli gas to liquify it for export through the Mediterranean Sea.

During a joint press conference whicu had Egyptian President Abdel Fattah el-Sissi, EU Commissioner for Energy Kadri Simson, Israel’s Energy Minister Karin Elharrar, the Egyptian Minister of Petroleum, Tarek el-Molla, amongst others, the EU chief reiterrated the block’s ambition to end its reliance on Russian engery as a result of the Ukrainian war.

“I very warmly welcome the signing of this historic agreement. We want to get rid of this dependency. We want to diversify to trustworthy suppliers, and Egypt is a trustworthy partner ” Simson said.

After the signing ceremony, el-Sissi told reporters the agreement was a very important step in placing Egypt as an important energy hub.

“Today we are already taking a very important step, as we have in the morning signed a memorandum of understanding of natural gas delivery from Israel to Egypt; here the liquefying of the gas, and then the transport to the European Union. But also for Egypt, to become a regional energy hub.”

Details of the deal provides that the EU will help Egypt and Israel increase their gas production and exploration in their territorial waters but it remains unclear how much gas the EU will import from either country.

Last year alone. the European Union imported roughly 40% of its gas from Russia but has been forced to look elsewhere as sanctions have continued to mount on Moscow following its invasion of Ukraine.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”