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FINANCIAL NEWS
Algeria to invest USD70b on gas projects in 20 years
12 Jan 2015
(MENAFN) Algeria’s state-owned energy giant Sonatrach announced that it is planning to invest at least USD70 billion over the next 20 years in exploiting shale gas in the southern desert, Gulf News reported.
Sonatrach said that it hopes that these investments will result in it being able to produce some 20 billion cubic meters of shale gas per year from 200 drill sites.
Algeria is the third largest supplier of natural gas to Europe but its hydrocarbons sector has suffered in the past decade from a lack of foreign investment, as well as the political unrest that disrupted the production since last year, only for it to resume its production level in October.
More News
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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