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FINANCIAL NEWS
Algeria increases 2012-2016 oil investments to USD80b
12 Jul 2012
(MENAFN) Algeria’s state oil firm Sonatrach unveiled plans to increase oil investments to USD80 billion over the next four years, Reuters reported.
The company said the investments include developing oil exploration, refining and petrochemical industries.
CEO Abdelhamid Zerguine said the original investment programme for the 2012-2016 plan was USD62.2 billion.
Zerguine also said that Algeria’s total exports of hydrocarbons during the first half of 2012 hit 57.2 million tons of oil equivalent, resulting in USDUSD37.7 billion earnings.
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