Algeria: Major oilfield found in south

Published Oct 28, 2013

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ALGERIA

Major oilfield found in south

Algeria’s national energy firm, Sonatrach, had discovered a major oil field with about 1.3 billion barrels of deposits in the south of the country, Energy Minister Youcef Yousfi said on Saturday. The find was “one of the most important Sonatrach has made in the past 20 years”, he said during a visit to the site. The discovery was made 112km from Hassi Messaoud, Algeria’s largest oilfield. – Sapa-AFP

ECOWAS

Single customs tariff agreed

Leaders of the 15-nation Economic Community of West African States (Ecowas) agreed on Friday to implement a single customs tariff regime from 2015 to accelerate economic integration. The common external tariff is designed to harmonise customs charged on imported goods to the bloc of 300 million people. “This is an objective Ecowas has pursued since its creation 38 years ago and today we have crossed an important stage in the integration of our peoples,” Ecowas Commission president Kadre Desire Ouedraogo said. – Reuters

EGYPT

Gulf Arabs to be asked to invest

Egypt is planning a charm offensive to persuade Arab entrepreneurs to invest in its economy. Investment Minister Osama Saleh said Cairo would host a conference in December, and had contacted thousands of businessmen, to sell the region’s most populous nation to wealthy Arabs. Kuwait, Saudi Arabia and the United Arab Emirates promised Egypt $12 billion (R8.7bn) in loans, grants and petroleum products after president Mohamed Mursi was deposed on July 3. Saleh hopes private investors will pour in money, despite ongoing unrest. – Reuters

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