Page 15 - DMEA Week 10 2022

DMEA NEWS IN BRIEF DMEA

POLICY cubic metres per year of Algerian gas within SACE said on March 4 it had temporarily
a few months, the North African country’s halted assessments of projects in Russia and
Gambia Revenue Authority ambassador said on March 4, marking a steep Belarus because of the deteriorating situation
in Ukraine.
increase from the 21 bcm Rome took last year.
reports on Jah Oil’s tax are scrambling for ways of reducing their NEWSBASE
Italy and other European countries
payments dependence on Russian gas following the REFINING
conflict in Ukraine. In late February the
Yankuba Darboe, commissioner-general government announced it would prepare a
of The Gambia Revenue Authority (GRA), series of “exceptional” measures to ease the KNPC launches its fifth
has reported that Jah Oil, a subsidiary of the risk of a disruption in Russian gas, including a
Jah Group, is currently paying more than push to diversify its gas import mix. Its largest liquified gas line
GMD65mn ($1.22mn) per month in taxes. supplier is currently Russia, which delivered
According to a report published by The 29 bcm to the country last year. The Kuwait National Petroleum Co. has
Point on Wednesday (March 9), Darboe noted “Italy will be able to count on additional launched it’s fifth liquified natural gas line at
that Jah Oil paid GMD70mn ($1.31mn) in supplies of Algerian gas at the same price to Mina Al Ahmadi Refinery, which is its second
taxes in February alone. The company is one reach, and perhaps exceed, 30 bcm already in largest project following the Clean Fuels
of The Gambia’s largest taxpayers, as well as the next few months,” Ambassador Abdelkrim project.
one of the country’s top five organisations Touahria told newspaper Il Sole 24 Ore. The new pipeline marks a 30 percent
with respect to compliance with tax collection Italy gets its Algerian gas via the Transmed increase in the firm’s production of liquified
laws, he stated. pipeline under the Mediterranean Sea. gas, as it adds around 805 million square feet
He was speaking earlier in March while Importing more “could, if not completely of gas and 106,000 barrels of condensates, the
Dr. Kunio Mikuriya, secretary-general of the eliminate, at least considerably reduce the Kuwait News Agency reported citing the CEO.
World Customs Organisation (WCO), was effects of the Ukrainian crisis and sanctions This comes as the company aims to expand
paying a visit to The Gambia. against Russia on the Italian energy supply profitable derivatives that correspond to
Mikuriya made an impromptu stop at system,” the ambassador said. global markets, Waleed Al Bader added.
Jah Oil’s main offices in Bafuloto during his In related news, Italian banking group ARAB NEWS
visit to review the company’s operations and Intesa Sanpaolo announced in early March
view the Jah Group’s cement factory. Jah Oil it was putting its Russian operations under
specialises in petroleum product sales and strategic review in light of Moscow’s actions FUELS
operates a chain of 16 filling stations. in Ukraine. One of Europe’s biggest banks,
NEWSBASE Intesa Sanpaolo has played a significant role Nigerian minister says
in financing Russian oil and gas projects and
deals over the years. Its notable transactions commercial fleet should
SUPPLY include a €5.2bn loan it provided to support
Russia’s sale of a 19.5% stake in national switch to CNG
Italy set to expand Algerian oil company Rosneft in 2017 to Qatar Nigeria’s Interior Minister Ogbeni Rauf
Petroleum and Glencore. It also financed the
gas purchases in coming construction of Gazprom’s 16 bcm per year Aregbesola has urged the country to promote
the use of natural gas as a motor fuel in order
Blue Stream pipeline to Turkey.
months Eni has announced it will divest from Blue to improve the domestic fuel supply situation.
Meanwhile Italy’s largest oil company
Speaking at an event at the University
Italy could be importing as much as 30bn Stream. And Italian export credit agency of Ibadan, Aregbesola praised the Egyptian

Week 10 10•March•2022 www. NEWSBASE .com P15