The giant of the Algerian oil and gas sector, Sonatrach, announces an investment of 40 billion dollars over the next five years to develop hydrocarbon production and refining. Despite the difficult context linked to the Covid-19 health crisis, the public company, which represents around 40% of the State's resources, intends to launch an ambitious investment program that will allow it to strengthen its positioning in prospecting, mining and refinement.
The year 2021 was a good year for Sonatrach with a turnover of $34.5 billion, 74% more than the previous year. To better adapt to the current economic context, the company, whose capital is 100% owned by the Algerian State, has chosen to diversify its suppliers by sourcing more from the local market.
In this expansion perspective, the company plans to build a new refinery in Hassi Messaoud, while the one in Skikda should be expanded and modernized. This development plan is also supported by the government through tax benefits, with the aim of attracting more partners. According to sources, around 15 billion dollars of the 40 million dollars expected to be invested in the next five years will correspond to foreign oil companies.
The National Society for Research, Production, Transportation, Processing and Marketing of Hydrocarbons (Sonatrach) is generally ranked among the best companies on the continent.
Source: Financial Africa