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Nigeria, Algeria, Niger to revive Saharan gas pipeline talks

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The governments of Nigeria, Algeria and Niger Republic have held talks to revive a gas pipeline project across the Sahara which had been put on hold for over 40 years, with the potential opportunity for Europe to diversify its gas sources as the world faces a short fall as a result of the Russian-Ukraine war.

The three countries, represented by their various Petroleum Ministers, met in Abuja, Nigeria’s capital on Wednesday and resolved to set up a task force to revive the project and designated an entity to update the feasibility study.

A statement by Niger’s Oil Ministry after the two-day meeting stated that the Trans-Saharan gas pipeline project estimated at $13 billion, could send up to 30 billion cubic metres a year of supplies to Europe.

The statement added that the energy ministers of the three countries will meet again in Algiers at the end of July to “validate the proposals of the newly installed task force.”

“The pipeline should allow Europe to diversify its sources of natural gas supply but also allow several African states to access this high value energy source,” the statement said.

“With a length of 4,128 kilometres (2,565 miles), the pipeline would start in Warri, Nigeria, and end in Hassi R’Mel, Algeria, where it would connect to existing pipelines that run to Europe,” it said.

The gas pipeline idea was first proposed more than 40 years ago with an agreement signed between the three countries in 2009, but progress stalled stalled following a lack of follow through by the countries.

Earlier this month, Nigeria also took steps to revive another gas pipeline project that would pass through West Africa, Morocco to Europe.

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Somalia gives foreign banks licence to operate in decades

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The Somali government has announced the licensing of foreign banks for the first time in over two decades six weeks after President Hassan Sheikh Mohamoud was sworn into office following an elections that took years to conduct following a lingering political crisis.

The announcement which was made on Monday by the governor of the Central Bank of Somalia (CBS) Abdirahman Mohamed Abdullahi, said the war-ravaged country has granted banking licenses to two foreign institutions to operate in the country after President Mohamoud had promised to open the country to international investment during his campaigns for the elections.

The first foreign banking institutions to benefit from the decision are Egyptian bank, Banque Misr, and Turkish bank, Ziraat Katilim, who have been allowed to operate in Somalia.

“The review of the applications of these two banks has been the subject of a lengthy process of several months.

“These are two strong banks that will add value to the development of Somalia’s financial sector and contribute to the growth of our economy,” the CBS governor said

Ranked one of the poorest countries in the world by the World Bank, the average Somalian lives on less than $1.90 a day as the country struggles to recover from decades civil war and and opening its doors to foreign investments is seen as President Mohamoud fulfilment of his pledge to improve the economic situation and provide basic banking services to the population.

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Egypt Suez Canal announces record $7bn profit in 2021-2022

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The management of the Egyptian Suez Canal has announced a record profit of $7 billion for the 2021-2022 fiscal year, which it said was as a result of repeatedly raising transit fees for ships through the crucial passage for world trade.

The Suez Canal Authority (SCA), said on Monday that between July 2021 and June 2022, about 1.32 billion tonnes of cargo transited through the canal, providing a $7 billion rent in transit fees, which is the highest in the history of the SCA, its Executive Chairman, Admiral Osama Rabie, said.

Rabie added that the Canal was able to increase its profit by 20.7% compared to the previous financial year where it made €5.5 billion.

The Suez Canal handles about 10% of the world’s maritime trade and is one of Cairo’s main sources of foreign currency and despite the war in Ukraine and the rise in the oil price which has affected shipping, the canal also recorded its highest monthly turnover in April, valued at €605 million according to Rabie.

“The international crises have demonstrated the importance of the Suez Canal for the stability of global supply chains,” Rabie said.

He added that the Canal has contributed significantly to the growth of the North African country’s economy which has been caught between inflation of over 15% and a recent devaluation of the pound by nearly 20%, which had increased transit fees for oil and gas shipments by 6% in February and then by 5 to 10% in March.

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