عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Algeria to Increase Energy Production

Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)
Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)
TT
20
TT

Algeria to Increase Energy Production

Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)
Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)

Algeria Mining Minister Mohamed Arkab stressed Sunday the need to continue efforts to renew hydrocarbons reserves and increase production.

“We must work on ensuring energy security,” he said, while urging the need to implement the Gara Djebilet mine and the phosphate projects in eastern Algeria

He ordered officials at the ministry to cooperate with institutions in the sector to improve the quality of services to the people and ensure that energy is provided.

He called for the swift completion of the merger of the mining and energy sectors so that focus can be shifted towards major projects in the sector.

Separately, Algeria decided to increase its share at the African Development Bank (AfDB) capital through underwriting 6,083 additional shares.

President Abdelmadjid Tebboune issued a decree in the official gazette, licensing Algeria’s underwriting in the AfDB shares.

Algeria’s issuance will be paid from the treasury, in accordance with a resolution dating to May 27, 2010, and a resolution dating to Oct. 21, 2020.

Most Viewed

 
Business

Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
TT
20
TT

Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)

Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data.

Growth was driven primarily by a 4.6% increase in non-oil activities, while oil activities declined by 3.5% over the same period, data from the Gulf nation's Information and eGovernment Authority showed.

For 2024, Bahrain's real total gross domestic product grew by 2.6%, according to the statement.

According to projections from the ministry, Bahrain's real GDP is expected to grow by 2.7% in 2025, due to a 3.4% expansion in non-oil activities, coinciding with the operation of the Bapco Modernization Program.

The Bapco Modernization Program, one of Bahrain's largest energy investments, is expected to significantly raise refinery output, bolstering fiscal revenues amid efforts to diversify the economy.

Growth is forecast to reach 3.3% in 2026, supported by a 3.9% increase in non-oil activities.

"However, the forecasts will be closely monitored and updated to account for the ongoing global uncertainty and escalating turmoil that may affect the economic projections," the ministry said.

Last month, global ratings agency S&P Global downgraded Bahrain's outlook to "negative" from "stable", citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden.

Escalating trade tensions have added to global economic uncertainty, clouding macroeconomic forecasts and weighing on investor and policymaker confidence around the world.