Petroleum Africa
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Friday, January 22, 2021
The Sonatrach Group has signed more than 1,100 project contracts with national companies, according to Chairman and CEO Toufik Hakkar during a press conference on the sidelines of the signing of an agreement with the Algerian Institute for Standardization (Ianor).
Mr. Hakkar stressed that this figure reflected “the Group’s orientation towards the intensification of its transactions. with local operators, by opening up its markets.”
Hakkar stated that 80% of the value of the contracts was in national currency, supporting the Group’s strategy aimed at controlling expenditure in foreign currency.
Hakkar also reiterated the new action plan for the next five years encompassing projects worth $40 billion, where 51% of contracts will be concluded in the national currency. The majority of these projects will be in exploration, production, refining and petrochemical activities
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