Rahim
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Posts by Rahim
Algeria getting tough on investors
Dec 24th
Algeria is implementing a new investment strategy to promote home-grown industry, even if that risks deterring foreign investors, the head of the country’s main business lobby said.
Government measures adopted this year have set fresh caps on foreigners’ shareholdings and, analysts say, signal growing economic nationalism in Algeria, a big exporter of oil and gas. More >
Algeria must beat Slovenia to reach second round: Zidane
Dec 24th
French Algerian Zidane, who captained French soccer team in 2006
According to Zinedine Zidane, the Algerian national team could make the second round at next summer’s World Cup in South Africa but will have to go through Slovenia to make it possible.
“If they beat Slovenia, yes [they can progress]. After that it’s going to be England and then it could come down to the United States. There are lots of quality players. A World Cup transcends one player. In 2006, I was done at Real Madrid but I realized an enormous World Cup,” he explained while speaking to France Football.
Meanwhile, the former Real Madrid star was asked if he would be willing to offer a helping hand to the team if he was invited by their coach, Rabah Saadane, and his response was rather intriguing. More >
Chinese petroleum company wins Algeria oil permits
Dec 20th
Image via Wikipedia
Algeria’s Energy Ministry on Sunday awarded three exploration licenses out of 10 permits on offer, the head of its licensing committee Djilali Takherst said.
The licenses were awarded at a public session to select the winning companies in a bid round. In Algeria’s last licensing round, only four out of 16 permits initially on offer were granted.
Sunday’s round saw a consortium led by China’s CNOOC win the Hassi Bir Rekaiz permit, while a consortium headed by Total was awarded the licence for Ahnet and Spanish Repsol and its partners got the South-East Illizi permit, Takherst added. More >
Algeria confirms to keep OPEC supply unchanged
Dec 20th
Image via Wikipedia
ALGIERS, Dec. 20 (Xinhua) — The Organization of the Petroleum Exporting Countries (OPEC) is likely to leave the daily production quota of crucial oil unchanged, said Algerian Energy and Mines Minister Chakib Khelil on Sunday.
OPEC’s 12 member countries will hold a meeting on Tuesday at ministerial level in Luanda, the capital of Angola, to discuss the current status of the international oil market and the bloc’s future policies on oil production.
“There will be no change in OPEC supply of crude oil. OPEC will not reduce supply and it will not increase supply,” Khelil said before leaving for Luanda. More >
Algeria ready to clean its corruption
Dec 17th
Image via Wikipedia
Algeria is probing corruption cases in the wake of public outrage over the alleged misappropriation of billions of dinars and other manipulation of government projects for personal gain.
“The corruption cases revealed lately are just the tip of the iceberg,” financial journalist Slim Abdulrahman said last week. “What lies under wraps is far greater.”
The government estimates that $1.7 billion in public-sector funds have been lost to corruption.
Finance Minister Karim Djoudi has unleashed investigations into the scandal-plagued agriculture, water resources and transportation ministries, among others, to snuff out fraudulent contracts and exchanges of funds.
“The investigations squads conducted 128 monitoring operations across the concerned sectors in 2009 to look into some of the scandals. Also, 154 reports were issued on the reported transgressions,” he told Magharebia on Monday (December 14th), adding that hundreds of similar monitoring operations and investigations were conducted in the general directorates of customs and taxes.
The investigations were set in motion by President Abdelaziz Bouteflika, who on October 28th called for the creation of a National Anti-Corruption Committee at the start of the new legislative year, setting in motion compliance with an article in the 2006 Anti-Corruption Law.
The president also pledged the fair use of several legislative and regulatory mechanisms in order to bring to justice all those involved in corruption cases.
The new anti-corruption measures also mean that more than 70% of the projects currently under way have been reassessed by the National Fund for Preparation for Development, which monitors funding for 72% of all public projects. More >
