Algeria says plans $45.5 bln energy investment

Energy Trade

Algeria’s energy sector plans to invest $45.5 billion in 2008-2012, with $35.8 billion from state company Sonatrach and $9.7 billion from foreign partners, Energy and Mines Minister Chakib Khelil said in remarks published on Sunday.

The aim of the spending is to increase the north African OPEC member country’s oil production and gas exports, Khelil was quoted as saying by the Algeria Weekly Energy magazine. “Sonatrach total investment, including its partners’ share, over the medium term plan of 2008-2012, amounts to $45.5 billion,” he was quoted as saying. “Of that figure some $35.8 billion represents Sonatrach’s own investment, transport by pipelines, downstream activities and petrochemical projects, as well as external servicing activities set up through joint ventures. “The remainder of $9.7 billion concerns investments by foreign partners.”

Sonatrach, the state-owned oil and gas conglomerate, is Africa’s largest company by revenue. Algeria, a major energy exporter to Europe, produces about 1.4 million barrels of crude oil per day. Its gas exports are currently estimated at 62 billion cubic meters per year, and are expected to reach 85 billion cubic meters by 2012.

Algeria is currently staging its first exploration and production licensing round since 2005. The round has been eagerly awaited by multinational companies seeking to explore in the country, Africa’s largest gas producer. (Reuters)

Alteo Revenue Down 26% in Q1 Green Energy

Alteo Revenue Down 26% in Q1

Gov't to Call HUF 75 bln Tender to Support Innovation by SME... Government

Gov't to Call HUF 75 bln Tender to Support Innovation by SME...

Gen Z Bringing New Challenges to Office Market Office Market

Gen Z Bringing New Challenges to Office Market

1990s Hungary Inspires Debut Novel ‘Ilona Gets a Phone’ History

1990s Hungary Inspires Debut Novel ‘Ilona Gets a Phone’


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.