Tag: Algeria

BCI Holding secures US$30m from IFC to further expand its production

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AFRICA – BCI Holding SA is set to receive a US$30 million financing package from IFC to further expand its production in Algeria, Egypt, and Nigeria, creating hundreds of direct and indirect jobs. BCI a regional manufacturer and distributor of polyurethane (PU) raw materials, systems and specialities with headquarters in the UAE. IFC’s will support the company’s expansion of its existing production facility in Egypt and the commissioning of new factories in Algeria and Nigeria. The financing will help BCI develop regional supply chains for polyurethane, a versatile product used…

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Sherlock Grids SAS, GRTE secure funding from USTDA to expand and improve clean energy access

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BENIN – The U.S. Trade and Development Agency (USTDA) has announced a grant funding for technical assistance to help Beninese company Sherlock Grids SAS expand and improve clean energy access to rural communities across the country. Enoh T. Ebong, USTDA’s Acting Director said that the project embodies USTDA’s commitment to deploy innovative solutions that connect more of Africa’s citizens to clean, reliable power. “By leveraging U.S. technologies, USTDA’s engagement will help mitigate the climate crisis while supporting Benin’s goal of universal electrification through solar power,” he added. Sherlock Grids will…

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Algeria set to launch tenders to produce 1,000 MW of renewable energy

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ALGERIA – The Algerian government is preparing to launch a call for tenders for independent power producers (IPPs) aiming to select companies to produce 1,000 MW of renewable energy, with some conditions for foreign investors. In terms of renewable energy production, Algeria lags behind its Moroccan and Egyptian neighbours. But the country wants to diversify its electricity mix. This is what justifies the call for tenders that Algiers is currently preparing. This electricity will be produced from renewable sources, the most abundant of which in this North African country is…

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Italian Eni partners Algeria’s Sonatrach for research, development and decarbonization sectors

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ALGERIA – Eni, an Italian multinational oil and gas, has strengthen its partnership with Sonatrach, the national state-owned oil company of Algeria, with new agreements in the exploration and production, research and development, decarbonisation and training fields. These agreements mark a further step forward in strengthening the partnership between the two companies. The first of the agreements signed aims to implement an ambitious program for the relaunch of exploration and development activities in the Berkine basin region and provides for the creation of a gas and crude oil development hub…

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Algeria to establish National Energy Council to improve energy efficiency

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Egypt to invest US$28B in green projects

ALGERIA – The government of Algeria has announced plans to soon establish a National Energy Council that will be tasked with improving energy efficiency and shaping the country’s future policies in Energy The announcement was made recently by the President of Algeria, Abdelmadjid Tebboune, who noted that the forthcoming ‘National Energy Council’, will be the only structure empowered to outline future energy policy of the North African country. “Energy affects the economic and security future of Algeria and any major decision will have to be analyzed beforehand by the National…

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Morocco shades 5 spots to rank 12th in Global Retail Development Index

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MOROCCO – Morocco ranked 12th out of 30 at the 2019 Global Retail Development Index conducted by US global management consulting company Kearney. Morocco earned its position with a score of 50.2, according to the index chart. The index notes that Morocco has invested around US$47 billion in national retail sales, placing the kingdom 3rd in Africa. Despite the positive ranking, the index also shows that Morocco has dropped by 5 spots from the 2017 Index. China, the world’s second largest market after the United States tops the list with…

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German car manufacturer Volkswagen halts production activity in Algeria

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MOROCCO – Volkswagen, one of the world’s largest car manufacturer has announced the suspension of all its activities in Algeria until further notice. “Because of the political crisis in Algeria, Volkswagen has suspended production in this North African country at the moment. Deliveries to the official partner of the country, Sovac, have also been suspended,” Volkswagen told the German press. The German company’s decision is a result of the political crisis in Algeria. The 10-month-old crisis started in February 2019 and is still ongoing, despite the election of a new…

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Equatorial Guinea partners with Algeria to develop gas sector

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EQUATORIAL GUINEA – Equatorial Guinea through its national gas company (Sonagas) has signed a Memorandum of Understanding on enhanced cooperation in the field of gas transmission, distribution and energy efficiency with the National Electricity and Gas Company of Algeria (Sonelgaz) According to a statement by the Africa Oil and Power Conference, the Memorandum of Understanding covers the regulatory framework for the gas sector, the transport and distribution of gas through pipelines, the supply and installation of gas meters, and all other areas of the energy sector of mutual interest. The…

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Marriott International opens Four Points by Sheraton Setif in Algeria

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ALGERIA – Marriott International in partnership with Prombati SPA has opened the Four Points by Sheraton Setif in Setif City, Algeria. The 191-roomed hotel is situated in the centre of the city, providing convenience and ease of access to Setif’s new tram line and Setif International Airport. The modern hotel, which is sorrounded by historical features such as the Berber Kingdom and the Roman Empire, is part of Marriott’s strategic investment and expansion plan in North Africa. “Four Points by Sheraton Setif is Marriott International’s ninth property in Algeria and…

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Nissan, Groupe Hasnaoui to invest US$160m in Algeria plant

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ALGERIA – Nissan Motor and Groupe Hasnaoui have unveiled plans of investing a total of US$160 million to set up a anew Nissan vehicle plant in Algeria in a bid to meet growing customer demand in the country and across Africa The joint venture will establish a plant with a capacity to build 63,500 passenger cars and light commercial vehicles annually, and will produce several models. The ambitious motor company aims to double its presence in the Africa, Middle East and India region over the course of the company’s Nissan…

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