Algerian hydrocarbons company Sonatrach raises its capital

The Algerian Hydrocarbons company “SONATRACH” has yesterday announced an increase of its capital by 100% raising it form $ 5 billions to $ 10 billions.

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• The decision was made during the Extraordinary General Assembly that took place on June 27^th and this is the second time that the company has proceeded to the increase of its capital since 2007.
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• Sonatrach has increased its capital from $ 1.5 billions to $ 5 billions at the end of the year 2007 before taking the decision to double it in the wake of the record profits garnered over the years 2008- 2009.
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• The company has registered a net profit estimated at $ 9.2 billions in 2009, 8 % less than the year 2008.
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• The Energy and Mines Minister Youcef Yossefi has the day before yesterday restated his will to strengthen the role of the internal audit dwelling on stability and strictness “ We are about to reinforce the role of the internal audit as part of the stability and austerity plan of the company” , adding that these measures will not be an impediment for the company’s strategy.
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• He went on saying in this respect” The strategy of the sector of energy has not changed as it is based on the enhancement of the country’s energetic resources and diversifying them with a special focus on a sound management”.
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• The minister has also indicated that the nuclear sector is pivotal for the country’s energetic strategy highlighting the sector’s will to call upon the national producing capacities in a move to reduce the country’s dependency on the international market.
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• As to company’s foreign investments, the minister has declared” The company is operating according to its own benefits and the country’s ones” , adding that they are looking for new opportunities at the international level.
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