ALGERIAN HYDROCARBONS GROUP SONATRACH PLANS 59 BLN USD INVESTMENTS BY 2030

ALGIERS, Algerian national oil and gas group Sonatrach intends to make medium-term investments amounting to more than 59 billion US dollars on exploration and production activitiers, refineries and pipelines as part of its Strategy 2030 medium-term develop programme.

This was stated here Sunday at a briefing on investment opportunities for Algerian companies by group’s deputy chairman for strategy, planning and economy, Farid Ghezali, who added that 45.8 billion USD would go to exploration and production, 8.6 billion USD to refineries and petrochemical industry and 2.3 billion USD to pipelines.

It is an ambitious goal, especially as everything is set to make a success of the group’s investment plan, he added.

He cited several factors which will allow the group to make large-scale investments at the local level, including the increasing demand for oil products and the development of non-conventional natural gas, emphasizing Algeria’s huge potential in shale gas.

He also mentioned oil industry equipment manufacturing and engineering and stressed the support provided by the government as part of the integration policy, adding that those investing in these activities would benefit from a privileged partnership with Sonatrach.

Source: NAM NEWS NETWORK