Algeria’s oil and gas production decreasing in 2009

Unlike the past eight years, the giant Algerian hydrocarbons company “Sonatrach” has issued its yearly balance- sheet in complete secrecy tarnished with various shadowy zones and devoid of thorough details regarded as key important in this type of assessments.

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• The company has, for the first time since years, omitted to disclose its output although it is considered as the most important index for oil companies across the world, focussing on the bulk of the selling over the year 2009.
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• Although the report states that the company’s incomes shrank dramatically doing down from 5120 billion Algerian Dinars in 2008 to 3413 billions in 2009, the company didn’t mention further details about gas and oil production that slumped by 15%  in 2009.
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• The report issued by the oil company doesn’t include details about the group’s activities overseas especially in Latin America and Africa where it has attempted to explore the terrain in addition to some European countries like Spain where it has penetrated the market with the gas distribution.
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• But the move was denied by the Spanish authorities forcing the company to reduce its gas supply towards this country through “Medgas” pipeline.
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• Sontrach’s oil exportation income shrank from $76.9 billions in 2008 to $ 44.3 billions over the year 2009. This drastic slump is mainly due to the weakness of the Algerian currency as opposed to the Dollar, since the parity was 24.64 AD to 1 Dollar while rate slumped to 68.72 / to was 1 Dollar in 2009.