ALGERIA HAS NO INTENTION TO RAISE ITS OIL OUTPUT, SAYS ENERGY MINISTER

ALGIERS, April 4 (NNN-APS) — Algeria has no intention to raise its oil production although the current period has seen a fall in the price of crude, says Energy Minister Noureddine Boutarfa, stressing that the nation’s goal is to develop production for the medium and long terms.

The current goal of Sonatrach, Algeria’s national oil group, consists of developing oil production for the medium and long terms. “Therefore, we do not find it useful to raise output while the price per barrel varies between 50 and 55 US dollars,” Boutarfa told a media briefing Monday during aworking visit to the province of Bouira, southeast of here.

Asked about the recent appointment of a new chief executive officer for Sonatrach, the minister said it was “a normal change” aimed at allowing Sonatrach to meet its goal of developing oil production in the medium and long terms.

“Each period has its officials. This is a normal change for Sonatrach which aims to develop production in the medium and long terms, particularly in the current context,” said Boutarfa.

The minister also reiterated his support to the new CEO of Sonatrach to give a new impetus to projects nationwide, saying his department and Sonatrach were working for successful and non-defaulting tenders. — NNN-APS

Source: NAM News Network

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