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Algerian British Business Council 23rd January

Monday - 23 / January / 2017

Monday 23rdJanuary 2017

 

Welcome to the latest Edition of the ABBC Business News Digest.

Please find here the latest business news and opportunities in Algeria.

 

 

ABBC Secretariat

Algeria British Business Council announces House of Lords dinner on Thursday May 4th with Guest of Honour , Minister of State for International Trade and Investment, Rt. Hon. Greg Hands, MP.

Says Lady Olga Maitland, chairman Algeria British Business Council, ‘This will be a landmark occasion when Mr Hands will be addressing the UK trading relations outside the European Union. It comes at a time when the Algeria UK Double Taxation convention has come into effect. Further details will be announced next week.

Next 20 years, an era of real development for energy

19/01/2017

LONDON (U.K.)- Algeria is determined to make the next 20 years an era of real development for sustainable energy, said the minister of Energy Noureddine Boutarfa. We have set ambitious and promising targets for renewable energy, and we are determined to make the newt 20years an era of real development for sustainable energy,underlined Boutarfa in an interview to the Oxford Business Group published in its 2016 report on Algeria. The minister recalled that Algerias national renewable energy programme envisages 47-57 TWh by 2030, of which more than 9TWh should be installed by 2020. The initial phase of our programme has already been launched, and since the end of 2016,  Algeria has a capacity of 343 MW distributed throughout 14 provinces,he said, underlining that currently, 16 plants, with a capacity of 195 MW are already functional and provide renewable energy to the network, and another six set to come on-line shortly. These first plants allowed identifying the constraints and challenges that can arise during the development of large-scale renewable energy projects, explained the minister. Boutarfa underlined that the national renewable energy development programme will allow for the large-scale development of renewable facilities combined with a national industry, which will include all elements of the renewable value chain, including engineering, equipment and construction. Read More

Solar energy in Algeria – the revival of IPPs? An Independent Study by Norton Rose Fulbright

Algerian authorities recently confirmed their intention to launch an international request for proposals to develop a photovoltaic energy project with a capacity of 4,000MW. This project is part of the government’s strategy aiming at generating at least 25 per cent of Algeria’s energy from renewable sources by 2030. Algerian authorities have been paving the way for renewable energy projects for some time by enacting specific regulations and in particular a feed in tariff for wind and solar PV projects to incentivize investors. They have also been amending little by little their somewhat restrictive laws on foreign investments, in order to attract international investors and facilitate access to international debt financing for major Algerian projects. Read More

Renewal of Sonatrach’s reserves: More than 32 discoveries in 2016

19/01/2017

OLONDON- More than 32 hydrocarbon discoveries were made in 2016, said Chief Executive Officer of Sonatrach Amine Mazouzi in an interview published in the report Algeria 2016 of the British group of economic expertise Oxford Business Group (OBG). Mazouzi underlined that Sonatrach has made more than 32 discoveries in 2016 against only 22 discoveries in 2015, noting that 70% of the groups investments are devoted to search, exploration and development of deposits.In addition to the renewal of oil and gas reserves, the investments of Sonatrach are devoted, among others, to the increase in production, development of deposits, gas liquefaction, refining and development of oil and gas products and finally marketing and exploration of new markets, he underlined. Read More

Solar power stations: Conditions of call for tenders adopted by government

19/01/2017

ALGIERS- A decree determining the conditions of national and international call for tenders for the generation and supply of 4,000 megawatts of electricity from solar energy was adopted by the Council of government, announced Thursday in Algiers Minister of Industry and Mining Abdesselam Bouchouareb. The council of government adopted yesterday (Wednesday) a decree relating to the conditions relating to the call for tenders which will be launched for the construction of solar power stations with an overall capacity of 4,000MW,he said on the sidelines of the signing ceremony of partnership agreements between Sonatrach and two public industrial groups. Minister of Energy Noureddine Boutarfa said in the Renewable Energy Exhibition, held in October 2016 in Oran, that a call for tenders will be launched shortly for the construction of power generation facilities from renewable energies, including the solar, which will be conditioned by the execution of investments in the industrial field. Read More

Algeria ratifies agreement on tax exchange information with US

19/01/2017

ALGIERS- Algeria has ratified an intergovernmental agreement signed in October 2015 with the United States by virtue of which it will exchange with this country tax and financial information about American nationals, the Official Journal (n°74) said.  The agreement, ratified through a presidential decree published in the Official Journal, is relating to the enforcement of the US law FATCA (Foreign Account Tax Compliance Act). According to the convention, Algeria will annually and automatically convey to the United States information on all American accounts declarable to Algerian financial institutions.  Promulgated in the United States in 2010 and into effect since 1 July 2014, the FATCA law aims to fight tax evasion outside the US territory, through information on the accounts of taxpayers living abroad. Read More

Six new dams to be delivered in 2017

18/01/2017

ALGIERS- Minister of Water Resources and Environment Abdelkader Ouali announced Wednesday, in Algiers, that six new dams will come into service in 2016, including the dam of Mellague in the province of Tebessa which will be delivered in the forthcoming days. These infrastructures are added to the national fleet of dams which comprises now 75 dams against 31 in 1999, said Ouali before the members of the committee of finance and budget of the Peoples National Assembly who discussed the bill on the budgetary regulation of 2014. Read More

OPEC deal: Algeria, Saudi Arabia and Kuwait fulfil their commitments

10/12/2016

WASHINGTON- Algeria, Saudi Arabia and Kuwait have fulfilled their commitments by cut their oil output in order to reduce surplus on the market, according to a research by the American equity fund JP Morgan Emerging Markets, quoted by the energy news site Oil Price. "Saudi Arabia, Kuwait and Algeria may have cut their respective production below the levels they had promised in the OPEC (Organization of Petroleum Exporting Countries) deal, because all three are eager to show not only that they comply with the cuts, but also reduce the supply more than pledged," said Oil Price. "These states were crucial to the negotiations that forged the deal last year," added Oil Price. "Algeria, whose production cut as per the deal is 50,000 barrels per day (...) may even cut 65,000 bpd," said Oil Price, citing the interview given by Minister of Energy Noureddine Boutarfa to Bloomberg. Saudi Arabia, which pledged to reduce its supply by 486,000 bpd to 10.05 million bpd, had cut production to below 10 million bpd, said the energy news site, quoting Saudi Oil Minister Khalid Al-Falih. Read More

IMF outlook update: Growth forecasts for Algeria in 2016, 2017 unchanged

17/01/2017

WASHINGTON – The International Monetary Fund (IMF) on Monday kept its growth projection for Algeria in 2016 and 2017, while predicting, in its world economic outlook, an acceleration of the national economic growth in 2021. According to the Bretton Woods Institution, Algerias Gross Domestic Product increased 3.6% in 2016, as assumed in its last October’s report. The IMF has also kept unchanged its growth projections for 2017 at 2.9% and assumes a recovery at 3.4% as from 2021, as well as the predictions on inflation in 2016 at 5.6% against 4.4% in 2015 and at 4.8% in 2017.  The current account balance accounted for -15.1% of GDP in 2016 and is expected to drop to -13.7% of the GDP in 2017. It would maintain the same downtrend until 2021 at -6.3%. Besides, the IMF kept its world growth forecasts at 3.4% in 2017 and at 3.6% in 2018. The "estimations and the projections of the world growth for 2016-2018 remain unchanged compared to 2016," said the IMF. Read More

State to back investors, stresses Bedoui

16/01/2017

EL Oued-Minister of Interior and Local Assemblies Noureddine Bedoui stressed Monday in El Oued state would back investors. "State will back investors through mechanisms and facilitations likely to boost investments in several fields," said the minister while inaugurating the cargo center of Guemmar airport, first step of his tow-day working visit to the province of El Oued. Bedoui called on economic operators to multiply efforts and contribute to the stimulation of this airport structure with a view to developing the air-freight transport of agricultural products. Stretching over an area of 598 m², Guemmar airport's cargo center has a transport capacity of 3000 tonnes per year. It is tooled up with cold rooms with a capacity of 150 tonnes per year. Read More

Strengthening local development players: Official launch of CapDel programme

16/01/2017

ALGIERS- The programme CapDel on the strengthening of the local development players, involving the Algerian government, European Union (EU) as well as the United Nations Development Programme (UNDP), was officially launched Sunday in Algiers. The programme targets 10 model communes representing the countrys different regions and aims at strengthening the capacities of the local authorities and civil society as local development players,while improving the systems of strategic planning and local democracy,said the programmes designers. Lasting three years, the programme has received a funding of US$2,970,000 from the Algerian government, 7,700,000 from EU and US$200,000 from UNDP. Read More

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