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Lebanon's President Joseph Aoun visits Algeria in effort to bolster bilateral ties
Lebanon's President Joseph Aoun visits Algeria in effort to bolster bilateral ties

The National

time2 days ago

  • Business
  • The National

Lebanon's President Joseph Aoun visits Algeria in effort to bolster bilateral ties

Lebanese President Joseph Aoun is on a two-day state visit to Algeria, in a move aimed at revitalising bilateral relations and reinforcing Lebanon's diplomatic engagement with the Arab world. He is accompanied by Foreign Minister Youssef Rajji and Information Minister Paul Morcos, according to a statement from the Lebanese presidency. It marks the first official visit by a Lebanese president to Algeria since Emile Lahoud travelled to the North African nation in 2002. In 2013, then-President Michel Sleiman made a brief technical stop in Algiers, where he was received at the airport by Algerian counterpart Abdelaziz Bouteflika. This week's visit is being framed as a strategic step intended to reinvigorate co-operation across sectors, particularly energy. Lebanese media have reported that several agreements are expected to be signed, including collaborations in oil and gas. The trip may also pave the way for establishing a direct flight route between Beirut and Algiers. Since taking office in January, Mr Aoun – a former commander of the Lebanese Armed Forces – has prioritised restoring Lebanon's ties with Arab nations as a cornerstone of his foreign policy. In his inaugural address, he underscored a commitment to strengthening alliances with Arab and Gulf partners, judicial and economic reform and consolidating the state's monopoly on arms. His diplomatic agenda has so far included high-level visits to Saudi Arabia, the UAE, Qatar, Kuwait, Jordan, Egypt, and most recently to Bahrain, where plans were finalised to establish a permanent Bahraini diplomatic mission in Beirut and expand bilateral co-operation. These successive visits reflect an effort to reset ties with the broader Arab world, re-establish confidence and secure crucial support as Lebanon grapples with a deep-rooted economic crisis that began in 2019 and the aftermath of a year-long war between Israel and the Lebanese armed group Hezbollah. The international community has tied major aid and investment to comprehensive reforms and the disarmament of non-state forces, chiefly Hezbollah and Palestinian factions. In February, Algerian Foreign Minister Ahmed Attaf visited Beirut, where met with Mr Aoun. Relations between Beirut and Algiers have experienced ups and downs. Algeria has offered Lebanon support in recent years. In 2024, it donated 30,000 tonnes of fuel oil – enough to generate 250 megawatts of electricity for about 20 days – after the country's only remaining operational power plant in Zahrani shut down because of fuel shortages. Lebanon's electricity sector has been crumbling for about three decades given a lack of investment and corruption, failing to provide round-the-clock electricity. The country has a complex history with Algeria's national state-owned oil company Sonatrach. In 2020, the company ended its fuel supply contract with Lebanon after a high-profile scandal exposed deep corruption and mismanagement within Lebanon's energy sector. The contract, signed in 2005 and renewed several times, had allowed Sonatrach's offshore unit to supply fuel oil for Lebanon's power plants. However, in early 2020, Lebanese authorities launched an investigation revealing that the supplied fuel was substandard and failed to meet required specifications. The scandal implicated several officials at Électricité du Liban (EDL), the Ministry of Energy and Customs, leading to a wave of arrests, including ministry staff and representatives from the local subcontractor. The deal, for which terms were kept secret for 15 years, was initially thought to be a state-to-state agreement. However, a Lebanese judicial investigation revealed that Sonatrach's subsidiary actually subcontracted the delivery to private companies, which were accused of falsifying laboratory results and bribery. Sonatrach denied any involvement in shipping tainted fuel. The Algerian presidency described the case as a 'Lebanese-Lebanese issue' in which Algeria was not involved.

NOC signs four memorandums of understanding with Algeria's Sonatrach‎
NOC signs four memorandums of understanding with Algeria's Sonatrach‎

Libya Herald

time3 days ago

  • Business
  • Libya Herald

NOC signs four memorandums of understanding with Algeria's Sonatrach‎

‎Libya's state National Oil Corporation (NOC) announced last Thursday (24 July) that it had signed four memorandums of understanding (MoU) at Sonatrach's headquarters in Algiers to enhance joint cooperation in the fields of operations, petroleum services, training and exchange of expertise.‎ ‎MoU on geophysical exploration activity The terms of the first memorandum of understanding signed between Sonatrach's National Geophysical Company (ENAGEO) and the North African Geophysical Exploration Company (NAGECO) of the National Oil Corporation (NOC) focused on geophysical exploration activity. MoU on provision of oil services in Algeria, Libya and abroad The second was between Sonatrach's National Well Services Company (ENSP) and Sonatrach's Al-Jouf Petroleum Technology Company (JOT), related to the provision of oil services in Algeria, Libya and abroad.‎ ‎MoU on research The third was signed between Sonatrach / Exploration and Production – Laboratory Division, and the Petroleum Research Centre, and aims to carry out joint actions within the framework of partnership projects between Sonatrach and the National Oil Corporation.‎ ‎MoU was on training and knowledge transfer The fourth MoU was on training and knowledge transfer and was signed between Sonatrach and the National Oil Corporation (NOC). It aims to cooperate in the field of training and knowledge transfer in all disciplines related to the oil and gas sector in the two countries.‎ ‎MoU's support the continuation of strategic and in-depth partnership The NOC stated that the conclusion of these MoUs with Algeria's Sonatrach is a support for the continuation of the strategic and in-depth partnership between the two parties, and demonstrates the commitment of the National Oil Corporation to develop strategic, solid and sustainable partnerships with the Algerian Sonatrach Foundation.‎ Tags: Algeria AlgerianNOC National Oil CorporationSonatrach

Libya's NOC & Algeria's Sonatrach Agree on Oilfield Cooperation
Libya's NOC & Algeria's Sonatrach Agree on Oilfield Cooperation

Libya Review

time5 days ago

  • Business
  • Libya Review

Libya's NOC & Algeria's Sonatrach Agree on Oilfield Cooperation

The National Oil Corporation (NOC) of Libya has signed four memorandums of understanding (MoUs) with Algeria's Sonatrach, aimed at strengthening cooperation in oilfield services, operations, training, and knowledge exchange. The signing ceremony took place on Thursday at Sonatrach's headquarters in Algiers. The first MoU was signed between ENAGEO, Sonatrach's geophysical exploration arm, and NAGECO, the North Africa Geophysical Exploration Company owned by NOC. It focuses on advancing geophysical exploration activities. The second MoU links ENSP, Sonatrach's well services company, with Libya's JOT (Al-Jouf Oil Technology Company), to provide oilfield services both in Algeria, Libya, and abroad. The third MoU, signed between Sonatrach's Exploration and Production Laboratory Division and Libya's Oil Research Centre, covers laboratory analyses and petroleum research. It aims to initiate joint studies and technical projects. The fourth agreement focuses on training and knowledge transfer, targeting all technical fields related to oil and gas industries in both countries. The Libyan delegation at the signing included Hussein Safar, NOC board member and chairman of the joint cooperation committee with Sonatrach, along with Bashir Qurea, Adel Al-Bi, Mohamed Bisher, Faisal Miloud, Khaled Al-Ati, Nasser Al-Zwai, and Majed Al-Arbad. This collaboration marks a renewed commitment to reinforcing the strategic partnership between NOC and Sonatrach. It highlights both corporations' determination to build a robust and sustainable cooperation framework, with an emphasis on technical expertise, research, and regional energy development. Tags: gaslibyanocoilSonaTrach

Vallourec Q2 earnings hit by lower sales volumes
Vallourec Q2 earnings hit by lower sales volumes

Reuters

time6 days ago

  • Business
  • Reuters

Vallourec Q2 earnings hit by lower sales volumes

July 25 (Reuters) - French steel tubes maker Vallourec ( opens new tab reported a 10% drop in its second quarter core profit on Thursday due to lower sales volumes, a decline which was within the guidance it had previously given. Its operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell to 187 million euros ($219.56 million) in the second quarter of 2025, compared to 170-200 million euros range expected by the company and 215 million euros a year ago. It now expects its EBITDA to be between 195 and 225 million euros in the third quarter and sees its year to be marked by an improvement in the second half by charging higher international prices and cutting costs. "Commercially, Vallourec has confirmed its attractiveness, CEO Philippe Guillemot said in a call with journalists. "This is reflected in the orders and contracts won throughout the first half of the year, such as Sonatrach in Algeria and Allseas in Brazil." The metallurgical group which reached its zero net debt objective in January, a year earlier than planned, thanks to cost saving measures, posted a net debt of 201 million euros in the quarter. "In the coming quarters, we're going to continue to generate cash and continue to reduce this debt," Guillemot added. ($1 = 0.8517 euros)

China's Sinopec signs contract to explore Algerian gas block
China's Sinopec signs contract to explore Algerian gas block

Reuters

time7 days ago

  • Business
  • Reuters

China's Sinopec signs contract to explore Algerian gas block

SINGAPORE, July 24 (Reuters) - China's state oil and gas major Sinopec Group said it has signed a contract to explore a natural gas block in Algeria that potentially holds large shale gas resource. The contract was signed earlier this week between Sinopec International Petroleum Exploration & Production Corporation (SIPC) and state-run Algerian oil and gas company Sonatrach. The North African country last month awarded Sinopec via an international tender to explore and develop block Guern El Guessa II, or GEG, which has an area of 36,000 square kilometers, located in the Gourara-Timimoun Basin in southwestern Algeria. Sinopec, formerly known as China Petrochemical Corp, said in June that the GEG block has proven conventional gas resource but potentially also holds sizeable shale gas resource. Before bidding, Sinopec conducted multiple rounds of evaluations of the target block by "fully leveraging on company's expertise and integration" in developing unconventional oil and gas resource, Sinopec said in its in-house newspaper in June. Sinopec is one of China's earliest shale gas developers, operating flagship Fuling field in China's southwest that is the country's single-largest shale gas project. The GEG contract follows an earlier $850 million deal in February in which Sinopec and Sonatrach agreed to jointly explore and develop Hassi Berkane-North field. Independent Chinese firm Zhongman Petroleum and Natural Gas Company also signed a contract this week to explore and develop Zerafa II natural gas block in Algeria, following a tender award last month, ZPEC said on its official WeChat platform.

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