Algeria’s Sonatrach Reiterates Plan To Increase Oil Investments To $80bn

VENTURES AFRICA – Algerian state-owned oil firm, on Wednesday, reiterated its readiness to increase its investments in developing oil exploration, refining and petrochemical industries to $80 billion over the next four years.

Sonatrach Chief Executive Abdelhamid Zerguine, in an interview with Reuters, said: ”Sonatrach has launched an additional investment programme. Our investment for the 2012-2016 will be brought to $80 billion from an initial plan of $62.2 billion. Our goal is to boost exploration, refining and the petrochemical industry”.

The company’s first-half results showed that at the end of June, Sonatrach had exported about 57.2 million tonnes oil equivalent hydrocarbons, with earnings reaching $37.7 billion at the end of the first-half of 2012.

Sonatrach’s activities are pertinent to the North African nation’s economy, with concessions in Libya, Mauritania, Peru, Yemen and Venezuela, its diversified activities cover all aspects ranging from exploration to extraction, transport, refining, petrochemistry and seawater desalination.