Tunisia Has Only One Week of Petrol Supply, Union Official Says

A gas station attendant pumps fuel into a customer's car at a gas station in Tunis, Tunisia June 1, 2018. (Reuters)
A gas station attendant pumps fuel into a customer's car at a gas station in Tunis, Tunisia June 1, 2018. (Reuters)
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Tunisia Has Only One Week of Petrol Supply, Union Official Says

A gas station attendant pumps fuel into a customer's car at a gas station in Tunis, Tunisia June 1, 2018. (Reuters)
A gas station attendant pumps fuel into a customer's car at a gas station in Tunis, Tunisia June 1, 2018. (Reuters)

Tunisia only has enough petrol to last a week, a senior official in the labor union said on Monday, but the energy minister said a new tanker was unloading and that big queues at fuel stations had been caused by a rush of consumers hoarding supply.

Long lines of cars have jammed roads as they wait to fill their tanks around Tunis over recent days in what critics of the government see as another sign of an unfolding crisis in public finances.

The petrol tanker now unloading at Bizerte will give Tunisia an extra few days of supply, taking it to 10-14 days in total, down from the usual 60 days of strategic reserves, said Salouan Smiri, a senior official in the oil section of the UGTT union.

Tunisia is already facing shortages of some subsidized goods, with empty supermarket shelves causing protests last month, as it seeks an international bailout to finance debt repayments and state spending.

"The shortage of fuel supply may resume if the state does not find enough liquidity to pay for upcoming loads," Smiri said on Shems FM radio.

The government has repeatedly denied that it is struggling to pay importers for goods - such as petrol, flour and sugar - that it sells at a subsidized rate, and has previously blamed shortages on internal speculators.

However, while Energy Minister Naila Nouira blamed the shortage on consumer behavior and global distribution problems, she also appeared to acknowledge that payments to importers were contributing to snags in supply.

"The reason for the scarcity of fuel is the rush of people... many Tunisians are taking more than they need," she said on Mosaique FM radio.

"There is financial pressure due to the immediate pace of payment that vendors are asking," she added.

Last week the ratings agency Moody's said Tunisia faced large fiscal and external imbalances, and elevating financing risks, representing significant credit weakness.

The government hopes soon to finalize a staff-level agreement with the International Monetary Fund (IMF) for a rescue program involving potentially unpopular reforms that could unlock further bilateral budget support.



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.