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Algeria, TotalEnergies Sign New Gas Contracts

Algeria, TotalEnergies Sign New Gas Contracts
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Algeria, TotalEnergies Sign New Gas Contracts

Algeria, TotalEnergies Sign New Gas Contracts

Algeria's state oil company Sonatrach signed on Sunday contracts worth around $740 million with French energy giant TotalEnergies, Sonatrach said in a statement.

The deals comprise hydrocarbon contracts concerning the exploitation of TFT (Tin Fouye-Tabankort) II and TFT South fields in the desert in southeast Algeria, as well as liquefied natural gas and renewable energy contracts.

"The TFT II contract provides for development investments of around $332 million, making it possible to recover 43 billion cubic meters of gas, 4.3 million tons of condensate and 5.7 million tons of LPG," the statement said, AFP reported.

"The development investments of the second contract, TFT Sud, are estimated at $407 million, allowing the recovery of 11.5 billion cubic meters of gas, 1.3 million tons of condensate and 1.6 million tons of LPG," it added.

According to Sonatrach, the "combined production of the two perimeters TFT II and TFT South will exceed 100,000 barrels of oil equivalent per day by 2026 against a current production of about 60,000 barrels of oil equivalent per day".

The natural gas contract extends commitments between Sonatrach and TotalEnergies allowing them to "consolidate their commercial partnership" and "play a key role in the supply of gas to the French and European markets", it added.

The deals were signed in Algiers by Sonatrach CEO Toufik Hakkar and TotalEnergies head Patrick Pouyanne.

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Saudi-Jordanian Business Council Recommends Boosting Economic Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi-Jordanian Business Council Recommends Boosting Economic Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

Meetings of the Joint Saudi-Jordanian Business Council were held in Jordan’s capital, Amman, to strengthen bilateral partnerships, promote joint projects, and address obstacles to trade and investment flows, SPA reported.

The council’s sectoral committees recommended a package of practical measures and initiatives to strengthen economic and investment cooperation, boost bilateral trade, and facilitate the movement of investors, businesspeople, and goods between the two countries.

Business

Japan Seeks Record $55.6 bln Defense Budget, with AI Focus, Says Ministry

This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
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Japan Seeks Record $55.6 bln Defense Budget, with AI Focus, Says Ministry

This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)

Japan's defense ministry requested a record budget of 8.9 trillion yen ($55.6 billion) on Monday as Tokyo looks to artificial intelligence to speed up decision-making in the face of a tense security environment.

But the final budget reportedly could reach 10 trillion yen as Tokyo undergoes a sweeping upgrade of its defense in order to navigate growing tension with neighbors such as China, North Korea and Russia.

Business

Turkish Economy Grows Less-Than-Forecast 2.3% in Q2 as Domestic Demand Shrinks

24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
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Turkish Economy Grows Less-Than-Forecast 2.3% in Q2 as Domestic Demand Shrinks

24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)

Türkiye’s economy expanded 2.3% year-on-year in the second quarter, data showed on Monday, below forecasts as domestic demand shrank amid tight monetary policy and the Iran war impact. 

In a Reuters poll, economic growth was estimated to have risen by 2.9% in the second quarter and was forecast to expand by ‌3.05% in 2026. ‌It was the fourth consecutive quarter of slower ‌growth. 

Treasury ⁠and Finance Minister ⁠Mehmet Simsek said that growth would rise after the "balanced" second-quarter growth. 

"Thanks to progress in the disinflation process and more supportive global conditions, we expect growth to gradually increase in the coming period," Simsek said in a statement after the data. 

Second-quarter gross domestic product grew 1.1% from the previous quarter on a seasonally and calendar-adjusted basis, the Turkish ⁠Statistical Institute data showed. 

The strongest growth by ‌activity was shown by agriculture, forestry ‌and fishing, which expanded 13.3%, while information and communication grew 8.6%, the data ‌showed. 

Haluk Burumcekci from Burumcekci Research and Consultancy said there was ‌an "increasingly evident loss of momentum in domestic demand", adding that the "positive contribution from net external demand after six quarters suggests that the first signs of the 'rebalancing among demand components,' one of the key objectives of the economic ‌program, have begun to emerge". 

External demand contributed 0.6 percentage points to second quarter growth, while domestic ⁠demand shrank ⁠1.3% quarter-on-quarter, economists said, noting that this was a disinflationary development. 

Turkish annual consumer price inflation stood at 31.75% in July, underscoring the challenges for the central bank, which has held rates at 37% in the last four policy meetings as it monitors Iran war fallout. 

While tight monetary and fiscal policies implemented to balance domestic demand and combat high inflation put pressure on economic growth, the economy grew by 2.6% in the first quarter, according to revised figures. 

Growth in 2025 was revised to 3.7% from 3.6%. 

The government's current medium-term program projected growth of 3.8% in 2026. A new medium-term program will be announced on September 7.