Continental Focus, International Reach

Sonatrach to Rein in Investments

Monday, June 19, 2017

With oil prices in their current state of fluctuation, on the low end that is, the government of Algeria has decided to rein back on its investment program. According to Sonatrach’s CEO, Abdelmoumène Ould Kadour, the group plans to reduce its investment program to the highest priority projects.

“We will maintain the group’s investments, but we need to review their planning, especially in terms of priority,” said Sonatrach in an Algeria Press Service (APS) report.

The company still has five refinery projects on the books, as part of its investment reduction program so it will only focus on the three most important at this time. According to Kadour, the most important refineries to set up are the Hassi Messaoud, then the Tiaret, then the Biskra.

An international call for tenders was launched by the company at the end of January for the refineries. The investment program expires in 2021.