Page 11 - AfrOil Week 22 2022

AfrOil POLICY AfrOil

Gas flows through the Transmed pipeline will rise to 9 bcm per year in 2023-2024 (Image: Wikimedia
These remarks follow the signing of an agree- gas exports to Italy. The expected gas produc-
ment between the Italian oil and gas major Eni tion volumes stand at 3 bcm and will expand
and Algeria’s state oil firm Sonatrach in April. Algeria’s export capacity to Italy through the
The two companies agreed to increase gas flows Transmed pipeline, Eni has said.
via the Transmed pipeline to 9bn cubic metres Tebboune spoke to Italian officials during a
per year by 2023-2024. three day state visit to Rome. Algeria looks for-
They also signed an MoU to accelerate the ward to boosting co-operation with Italy to stop
development of gas fields and green hydrogen the flow of illegal migrants, which has increased
in Algeria’s Bir Rebaa region, in a bid to increase recently, he said. ™

Junta announces fuel price hike in Guinea

GUINEA GUINEA’S Ministry of Economy, Finance and Such a development is likely to hit ordinary
Planning announced an increase in domestic Guineans hard, at a time when many are already
fuel prices on May 31. feeling the pinch of the economic sanctions that
In a communiqué read on the state televi- ECOWAS has imposed on the country. Protests
sion channel, Dr. Lanciné Condé, the head of have already erupted on the outskirts of Cona-
the ministry, stated that as of Tuesday (June kry, with angry youths mounting roadblocks
1), the price of fuel in Guinea would rise from at the Bambeto-Cosa intersection early on the
GNF10,000 ($1.13) per litre to GNF12,000 per morning of June 1 and stopping all vehicles from
litre. crossing the street.
No reason was given for the sudden increase Trade unions and drivers’ unions were
in fuel prices in Guinea. expected to issue a statement on the afternoon of
Last September, one day after the former June 1 concerning the fuel price increase, while
government lost power in a coup, junta leader labour unions were also said to be preparing to
Mamadi Doumbouya, reduced petroleum prod- ask for a rise in workers’ salaries and transport
uct prices from GNF11,000 per litre. allowances. ™
Despite promises by the junta to stabilise
domestic fuel markets, prices have jumped
again. This is likely to have severe repercussions
on transportation costs in a country where pub-
lic-sector services cannot meet demand. In turn,
higher transport prices will make food and non-
food items more expensive all over the country. Pump prices have risen unexpectedly (File Photo)

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