Tunisia to Invest $130 Million in Air Transport

A general view shows Tunis-Carthage International Airport in Tunis, Tunisia, July 30, 2018. REUTERS/Zoubeir Souissi
A general view shows Tunis-Carthage International Airport in Tunis, Tunisia, July 30, 2018. REUTERS/Zoubeir Souissi
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Tunisia to Invest $130 Million in Air Transport

A general view shows Tunis-Carthage International Airport in Tunis, Tunisia, July 30, 2018. REUTERS/Zoubeir Souissi
A general view shows Tunis-Carthage International Airport in Tunis, Tunisia, July 30, 2018. REUTERS/Zoubeir Souissi

Tunisian authorities are planning on announcing TND367 million ($131 million) worth of investments to expand three airports in the country.

Carthage International Airport in the capital Tunis is to get the lion’s share of around TND300 million ($100 million) so that it can handle around 8 million passengers a year.

The runways of Djerba - Zarzis International Airport in southeastern Tunisia and Tozeur - Nefta International Airport in the southwest are also set to be improved in 2020.

Flag carrier Tunisair has plans to improve its fleet by signing a final deal to buy five new Airbus A320 airplanes.

It is also expected to lease three planes pending the arrival of the new A320s.

The moves will allow Tunisair to expand the number of its passengers to 5 million.

The fleet of the flag carrier consists of 27 planes. It also has a workforce of around 8,000 employees.

The government has tried to cut the number of staff in an effort to limit economic the company's burdens. But labor unions have rejected efforts to restructure Tunisair.

The transportation sector contributes 7 percent of the country’s GDP and around 11.5 percent of total investments. It also brings revenues of around TND1.5 billion from hard currency.

But it suffers around TND4 billion in losses, which require urgent government plans for reforms and restructuring.



Oil Steady after US Stockpile Build

An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
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Oil Steady after US Stockpile Build

An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo

Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia.

Brent crude futures were up 23 cents, or 0.35%, at $65.09 a barrel by 1148 GMT. US West Texas Intermediate crude gained 16 cents, or 0.25%, to $63.01 a barrel.

Oil prices closed around 1% lower on Wednesday after official data showed that US gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's largest economy.

Geopolitics and the Canadian wildfires, which can reduce oil production, provide price support despite a potentially over-supplied market in the second half of the year with expected OPEC+ production hikes, PVM analyst Tamas Varga said.

The price cut by Saudi Arabia followed the OPEC+ move over the weekend to increase output by 411,000 barrels per day (bpd) for July.

The strategy of OPEC's Saudi Arabia is partly to punish over-producers by potentially unwinding 2.2 million bpd between June and the end of October, in a bid to wrestle back market share, Reuters previously reported.

"Oil demand will be shaped by trade negotiations between the US and its trading partners," PVM's Varga said.