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Algerian British Business Council 25-12-2017

Monday - 25 / December / 2017

 

Monday 25th December 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: Sonatrach-BP-Statoil:signature of a contract amendment to increase gas reserves.

20/12/2017

The Sonatrach group signed on Wednesday with British Petroleum (Great Britain) and Statoil (Norway) an amendment to the In Amenas gas contract for an amount of over $500 million to increase the reserves of the In Amenas perimeter. This document was signed in Algiers between Sonatrach’s Vice President of Exploration and Production Operations, Arezki Hocini, Statoil Vice President Evan Fuery, and BP Algeria CEO Wissam Al Monthiry, in the presence of CEO of Sonatrach, Abdelmoumen Ould Kaddour. The contractual scope of In Amenas is located in the Illizi basin, about 40km southwest of the city of In Amenas. Thus, the parties have agreed new opportunities for increasing reserves at the In Amenas perimeter, through an additional potential of around 11 billion m3/year of gas…Read more.

ALGERIA: National Enterprise of Electronic Industries: Launch of Solar Panel Manufacturing Plant

17/12/2017

The Minister of Industry and Mines, Youcef Yousfi, inaugurated yesterday three new units located within the electronic complex of the National Enterprise of Electronic Industries (ENIE) of Sidi Bel Abbes. This is the 18 megawatt solar panel manufacturing plant, expandable to 45 megawatts, research and development (R&D) laboratories, maintenance and calibration of electronic equipment. He also inspected the electronic integration unit, which is nearing completion. This plant, whose entry into production was postponed to January 2018, has a progress rate of work of about 97%. As the centrepiece of the consumer and professional electronics platform set up at the ENIE level in 2010, the electronic integration plant will have a production capacity of 1600 motherboards/day. Read more.

ALGERIA:Repsol Commences Production from Reggane Nord Gas Field

20/12/2017

This project is one of its most significant projects in Africa. Reggane Nord is in the south-west of Algeria, approximately 1,500km from Algiers, in the Sahara desert. The Prime Minister of Algeria, Ahmed Ouyahia, Repsol Chief Executive Officer Josu Jon Imaz and the President and Director General of Sonatrach Abdelmoumen Ould Kaddour attended the ceremony held to mark the startup of the project together with representatives of the government of Algeria and the other companies in the consortium. The Reggane project is expected to be running at full capacity of 8 million cubic metres of gas per day from January 2018- enough to supply over 10% of Spain’s gas demand. The Groupement Reggane-Nord (GRN) consortium is co-operated by Repsol (29.25%) and Sonatrach (40%) with partners DEA Deutsche Erdoel AG (19.5%) and Edison (11.25%). Read more.

ALGERIA: Benmeradi: “A new device to frame imports from 2018”

19/12/2017

A new framework of import controls is planned from next year; in application of the budget law for 2018, announced Tuesday in Algiers the Minister of Commerce, Mohamed Benmeradi. Firstly, the list of goods subject to the domestic consumption tax (ICT) at the rate of 30% for 10 families of finished products is to be enlarged, as well as the Customs, up to 60%, for 32 families of finished products, said Mr. Benmeradi at a meeting with executives in his sector. These two measures will not only improve the competitiveness of local products compared to those imported, but also the valuation of budget revenues on import operations of certain luxury goods, said the minister. Read more.

ALGERIA: 11.7% of the population do not work according to the NSO: Unemployment hits 28.3% of young people

20/12/2017

The calming political speeches of ministers and other officials on the unemployment rate in Algeria and the general economic situation in Algeria are being undermined by the reality of the cold figures, which are moreover produced by a state organization. Indeed, the unemployment rate in Algeria has certainly deviated by a few points in September but remains very worrying. It is, according to the national statistics office (ONS), of the order of 11.7% in September 2017 against 12.3% in April 2017. In total, 1.44 million people in September 2017 cannot find work. And among them 9.4% are men and 20.7% are women, while significant disparities are observed according to age, level of education and degree obtained. Among young people, particularly those aged between 16 and 24, the unemployment rate remains at an alert level, reaching a high of 28.3%, with a slight drop of 1.4 points compared to the previous month. April. Read more.  

ALGERIA: Foreign trade: Suspension of import of 900 products from 2018

19/12/2017

Nearly 900 products will be suspended on import in January 2018 under the new framework for foreign trade, said this morning the Minister of Commerce, Mohamed Benmerradi, These are mainly dried fruit, cheese (finished products), fresh fruit (except bananas), fresh vegetables (except garlic), meat (with the exception of certain categories such as bovine meat), tuna, maize derivatives, meat preparations, chewing gum, candies and chocolates, pasta, pastries, cereal by-products, preserved vegetables, prepared or preserved tomatoes, jams, jellies, preserved fruits, food preparations, soup and soup preparations, mineral waters. The list also includes papers, cement, detergents…Read more.

ALGERIA: Import commodity prices: general rise in the first nine months of 2017

18/12/2017

Algeria’s import prices of goods rose an average of 5% in the first nine months of 2017, compared to the same period of 2016, APS told the National Statistics Office (NSO). With the exception of agricultural equipment, raw materials and semi-finished products, import prices increased for all other categories of goods. Thus, import prices rose for food, beverages and tabacco (+9%), consumer goods (+5.7%), industrial equipment (+3.7%) and consumer goods, raw materials, energy and lubricants (+2.1%). On the other hand, import prices fell for agricultural equipment (-26.6%), raw products (-8.4%) and semi-finished products (-5.2%). As a reminder, during the first nine months of 2017, Algerian imports decreased slightly to $33.92 billion (US S bn), compared with US $ 34.93 billion, a decline of 3%. Read more.

ALGERIA: Banks authorized to use their foreign currency balances. What will change for individuals and businesses

18/12/2017

If it does not fully end, the instruction that the Governor of the Bank of Algeria, Mohamed Loukal, has just addressed to commercial banks and other agents authorized to collect foreign currency, can be interpreted as a first step towards the demonopolization of foreign exchange held by the Bank of Algeria since the promulgation on 14 April 1990 of the Currency and Credit Ordinance. There is indeed in the content of this instruction, made public on November 26, the will clearly displaced to fight with this mode of management of the anachronistic currency and in total contradiction with the universal rules of the market economy. This directive of the Algerian monetary authority allows, for the first time after 27 years of prohibition, commercial banks and agents duly authorised to collect foreign currency, to dispose in full ownership of 70% of their cash balances in currencies the remaining 30% is still held by the Bank of Algeria as a precautionary measure. Read more.

ALGERIA: The $1.5 billion bridge this couple want to build in Algeria

15/12/2017

A husband and wife architectural team envision a 17km bridge across the Bay of Algiers. Will they get the political and public backing they need?

ALGIERS – When most Algerians look out on the bay that bears their capital city’s name, they see relentless lines of waves marching in from the north to crash against its rocky shores, container ships waiting to unload at its commercial port, and ferries offloading the country’s emigrant masses on visits to the homeland from Europe.Nacym and Sihem Baghli see a bridge.The husband and wife, architects and partners in a perhaps slightly mad scheme to transform Algiers Bay, have been circulating the city’s cultural events and social networks since September, holding conferences and interviews promoting a $1.5bn suspension bridge that would traverse the bay’s vast mouth. Read more.

ALGERIA: Oran Silicon Valley initiative takes shape

19/12/2017

The second edition of the event "Oran Silicon Valley Algerian" took place Saturday, at Meridian, on the initiative of the FCE. This initiative, dedicated to new technologies, aims to contribute to the emergence in Algeria of start-ups or innovative companies, which will represent the bedrock of the economy of tomorrow. The presence at this meeting of the S / G of the Ministry of Post, Telecommunications, Technology and Digital, the wali of Oran and the President of the FCE, shows the interest granted to this sector as much by the authorities as by the business world, to which must be added the university world, represented occasionally by rectors, but also researchers and students. Precisely for this last case, among the exhibitors (activity annexed to the meeting-debates), students, affiliated to a club of the Institute of Information Technologies and Communication based in Oran, have designed a prototype drone for rescues at sea, with a connection that allows instant location of the bather, who wears a bracelet for emergencies. Read more.

 

 

 

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