Algeria and Spain Invest in Clean Energies to Overcome Their Political Differences

Officials are seen at the signing ceremony between Algeria’s Sonatrach group and Spain's Cepsa. (Algerian Ministry of Energy and Mines)
Officials are seen at the signing ceremony between Algeria’s Sonatrach group and Spain's Cepsa. (Algerian Ministry of Energy and Mines)
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Algeria and Spain Invest in Clean Energies to Overcome Their Political Differences

Officials are seen at the signing ceremony between Algeria’s Sonatrach group and Spain's Cepsa. (Algerian Ministry of Energy and Mines)
Officials are seen at the signing ceremony between Algeria’s Sonatrach group and Spain's Cepsa. (Algerian Ministry of Energy and Mines)

Algeria’s Sonatrach group and Spain's Cepsa kicked off Monday a project to produce green hydrogen and derivatives in the North African country.

The move signals that both countries are ready to overcome their sharp political differences which arose in 2022 when Madrid endorsed the Moroccan autonomy plan in Western Sahara where Algeria demands a sovereign state.

Algerian Minister of Energy and Mines Mohammad Arkab attended the signing ceremony of the memorandum of understanding that contributes to the decarbonization goals set by the two companies, the Ministry stated on its official site.

It said the project will allow the export of hydrogen to Spain through existing infrastructure or new means.

Algeria is Spain's main supplier of gas, facilitated by two pipelines under the Mediterranean.

On Monday, the project was signed by President of Sonatrach Group Rachid Hachichi and CEO of Cepsa Maarten Wetselaar.

According to the state-owned Algerian company, the project aims to conduct the necessary studies and assess the feasibility and profitability of an integrated project for the production of green hydrogen.

“The project includes the completion of an electrolysis plant with a capacity of 50 to 200 MW for the production of green hydrogen and the construction of a hydrogen production plant by electrolysis, solar and wind power plants to supply the electrolysis with renewable energy, a methanol and/or green ammonia production plant, as well as storage, transport and other ancillary facilities necessary for the commercial operation of the project,” Sonatrach said.

The joint agreement between Algeria and Spain came at the opening of the 12th edition of the Africa & Mediterranean Energy & Hydrogen Exhibition and Conference (NAPEC 2024) held at the Oran Convention Center (CCO) in the Algerian capital.

Arkab emphasized that the government is planning to implement major energy investments without abandoning fossil fuels, particularly natural gas, which he described as a fundamental fuel to accompany the global energy transition.

Natural gas enables Algeria to ensure its energy security while meeting growing domestic demand and enhancing its role as a reliable international partner in the field of energy, he stressed.



Bitcoin Rises above $90,000 on Trump Euphoria

Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)
Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)
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Bitcoin Rises above $90,000 on Trump Euphoria

Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)
Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. (AP)

Bitcoin charged past the $90,000 level on Wednesday, as its relentless rally showed no signs of easing on expectations that Donald Trump as US president and his administration will be a boon for cryptocurrencies.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $91,110 - a record high. It was last up 3% at $91,016, marking a 32% rise since the Nov. 5 election.

Smaller peer ether has similarly soared 37% since election day, while Dogecoin, an alternative token, promoted by billionaire Trump-ally Elon Musk was up more than 150% as the bitcoin frenzy extended across the crypto landscape.

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is not clear how or when that could happen, but the possibility drove a speculative surge in crypto mining and trading stocks.

Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares scaled a record high on Tuesday.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.

"Key areas to monitor include potential regulatory changes, increased institutional participation, and a rise in M&A activity," said Carl Szantyr, managing partner of digital asset hedge fund Blockstone Capital.

"The new political landscape may bring clearer regulations for crypto assets and could prompt strategic developments, such as a national bitcoin reserve and growth in the mining sector."