AfricaBusinessEconomy

Moscow and Algeria seek closer energy cooperation

Algeria is among Moscow’s top three trading partners in the region, according to President Putin

Exclusive News

Russia and Algeria plan to intensify cooperation in hydrocarbon exploration and production, oil and gas processing, and petrochemistry, according to a statement on the Kremlin’s website on Thursday, according to RT News.

The release follows a meeting between the heads of state in Moscow, where Algerian President Abdelmadjid Tebboune is on an official visit.

According to Russian President Vladimir Putin, the two countries’ relations are “truly multifaceted” and have a solid potential for further development.

“Our efforts in OPEC+ and the Gas Exporting Countries Forum are facilitating stabilization of the global energy markets,” he stressed.

Algiers is among Moscow’s top three trading partners in Africa, Putin said, as he called for boosting the use of national currencies in settlements.

“Undoubtedly, it is important to work together to expand the practice of settlements between our countries in national currencies, which will make it possible to secure countertrade from the influence of third countries and the negative situation on world currency markets,” Putin said.

The President of Algeria thanked his Russian counterpart for his hospitality and voiced the need to accelerate the process of his country joining the BRICS group of emerging nations “so that we no longer accept dollars and euros.” 

In November, Algeria officially applied to join BRICS, a bloc comprising of Brazil, Russia, India, China and South Africa, arguing that the country largely meets the criteria for membership.

Read more

Related posts
AfricaPolitics

Mauritius blocks social media until after election amid wiretapping row

Mauritius, a small island nation in the Indian Ocean, has made headlines in recent days due to a…
Read more
AfricaPolitics

Ethiopia will pursue sea access without war 

Ethiopia’s ambition for sea access has been a long-standing aspiration, rooted in its…
Read more
AfricaPolitics

Kenya swears in new vice president amid legal battle

Kenya recently witnessed a historic moment as it swore in its new Vice President amidst a backdrop…
Read more

Sign up for Africa Insider’s Daily Digest and get the best of  news, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *