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Tuesday, January 5, 2021
Algeria’s national hydrocarbons company, Sonatrach, announced that it intends to implement an investment plan of $40 billion over five years (51% in Dinars). The investments will target new production start-ups and the ramp-up of several exploration and production operations, according to CEO Toufik Hakkar.
In a message sent on the occasion of the New Year 2021, Mr. Hakkar indicated that Sonatrach’s investment program will include an integrative approach of the national companies for the realization of its projects, thus guaranteeing them significant local participation and allowing the country to see a significant savings in foreign currency.”
In addition, Hakkar said that “production and sales will experience growth in 2021, thanks in particular to the putting into production of the peripheral fields of Gassi Touil and Hassi Bir Rekaiz as well as the ramp-up of production at Tinrhert and the completion of boosting Hassi R’Mel’s North zone.”
In the medium term, Hakkar stressed that the company will continue to meet the growing needs of the national market, which will reach 70 million tonnes of oil equivalent (TOE) from 2024, while maintaining a level of exports above of 90 million TOE annually, thanks to the commissioning of new deposits in the South-West and South-East regions.
On the financial level and despite the negative consequences of the health crisis caused by Covid-19, Sonatrach expects to end the 2020 financial year with a profitable result “which we consider to be the fruit of the efforts made by all of our collectives and by the company through, in particular, the reduction of operating and investment expenses,” Hakkar offered.
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