Algerian oil, gas exports hit $27.6b in H1

24 Oct 2010

(MENAFN) The Governor of Algeria’s central bank said that higher world oil prices pushed Algeria’s earnings from oil and gas sales abroad up 38.3 percent in the first six months of 2010 on relatively stable exports volumes, Reuters reported.

The value of energy exports reached $27.6 billion in the first six months of 2010, an increase of $7.65 billion or 38.3 percent from the same period last year, he said.

The official also told parliament foreign companies operating in the world’s fourth largest exporter of natural gas exported lower quantities of energy in the first half of this year compared with 2009.

Laksaci said the earnings rise was made possible by higher oil prices, which he said averaged $77.5 per barrel during the January-June period this year versus $52.2 in 2009.

Algeria earned a total of $43 billion last year, down from $76 billion in 2008.

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