Sonelgaz Considers Foreign Loans

Tuesday, February 23, 2016

Sonelgaz, Algeria’s state power firm, is considering foreign loans as it looks to secure its investment program. Nouredine Bouterfa, CEO of Sonelgaz said the company urgently needed to close the financing gap it is experiencing of around $9.5 billion in order to carry out its investment program over the next two years.

“Our problem in the short term is to find a solution to a gap of 1.1 trillion dinars. This is an urgent issue and … this is why we plan to go to the international market,” Bouterfa told reporters at a conference, the official state news agency APS reported.

The company is Algeria’s sole electricity producer and distributor.

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