Slovenia’s gas supplier Geoplin will sign a natural gas supply contract with Algeria’s state-owned energy company Sonatrach on Tuesday, the Slovenian Press Agency (STA) reported.
The three-year contract includes the purchase of about 300 million cubic metres of natural gas per year, which is about a third of Slovenia's current annual consumption, STA said.
The Algerian gas will be transported to Slovenia via a pipeline running through Tunisia and Italy.
Europe is in the midst of its worst energy crisis after Russia, the region’s biggest natural gas supplier, curtailed exports sharply in response to EU sanctions over its military offensive in Ukraine.
Russia supplies most of Slovenia’s natural gas, which accounts for 12 per cent of overall energy mix. The EU member state relies mostly on hydroelectric, thermal and nuclear power sources to meet its electricity requirements.
In 2018, Geoplin signed a five-year natural gas supply contract with Gazprom to import 600 mcm of Russian natural gas per year.
However, Russia’s invasion of Ukraine has forced Slovenia to reconsider its energy policy and seek alternate sources such as liquefied natural gas (LNG).
Algeria, a member of Opec, relies heavily on oil and gas, which accounted for 19 per cent of GDP, 93 per cent of product exports, and 38 per cent of budget revenue between 2016 and 2021, the World Bank said.
Algeria is Africa's biggest gas exporter and supplies about 11 per cent of the natural gas consumed in Europe.
Europe could face a deficit of as much as 30 billion cubic metres of natural gas in 2023 if Russian supplies come to a halt and demand from China recovers, the International Energy Agency said in a report this month.
Gas storage sites in the EU are now 95 per cent full, but the cushion provided by current storage levels, as well as recent lower gas prices and mild temperatures, should not lead to “overly optimistic” conclusions about the future, the agency said.
After hitting record highs in the summer, Europe natural gas prices have dropped in recent weeks due to a mild winter and high gas storage levels.
European gas futures dropped as low as €93.35 ($91.32) per megawatt hour last month, the lowest since mid-June.
Russia has warned it could shut off Europe’s energy supply if a proposed price cap by the Group of Seven countries, known as the G7, is enacted next month.
Energy markets are going to enter another phase of uncertainty once an EU ban on Russian crude comes into effect on December 5. A ban on Russian oil products will commence on February 5.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
Ponti
Sharlene Teo, Pan Macmillan
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
