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WEEK IN REVIEW: Chinese Oil Major Sinopec and Algerian Oil Giant Sonatrach Signed a $500 Million deal to Drill for Oil and Gas

Johannes EISELE / AFP

Chinese oil major Sinopec and Algerian oil giant Sonatrach signed a half-a-billion dollar deal to drill for oil and gas in the Zaarzaitine field, 1500km from Algiers. Under the new agreement, the two sides will produce 95 million barrels. The timing of the deal is notable given the heightened interest in Algeria’s energy reserves, particularly by European countries looking for alternative suppliers as they wean themselves off Russian imports. (XINHUA)

The boom days for battery metals are over according to a client note published by the U.S. investment bank Goldman Sachs. Abundant supplies of cobalt, lithium, and nickel will lead to price drops over the next two years and lessen what’s become a major point of competition between China and Global North governments. But this is an ominous forecast for the DRC, Zimbabwe, Indonesia, and Chile which are all major exporters of these materials. (SOUTH CHINA MORNING POST)

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