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Algeria announces multi-million dollar investments

ARgelia, petróleo, gas, inversiones, Sonatrach

Algeria announces multi-million dollar investments

Algiers, Jan 5 (Prensa Latina) Between the current year and 2026 the Algerian state oil company Sonatrach will invest 40 billion dollars in prospecting and refining crude oil and gas exploration and extraction, an official source announced today.
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Of the total sum, eight billion dollars will be executed in the year that has just begun; a third corresponds to foreign investments, Toufik Hakkar, president of the board of directors of the oil giant, revealed in a press interview.

He added that most of the investment plan will be devoted to the exploration and exploitation of new fields, to the preservation of national production capacities and to carried out refining projects to satisfy domestic demand.

He also announced that Algeria “is taking steps to restart its activities in Libya, suspended in 2014, days after discovering a gas field in the Gadames basin, near the border between the two countries, due to the prevailing political instability following the assassination of leader Muammar Ghadafi three years earlier.

We have significant investments in oil and gas exploration in Libya and there is no reason to abandon those discoveries; by the end of next February we will send a group to coordinate with the Libyan oil company to restart our activities, he added.


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