Algerian president summons the Energy Minister to reassess his predecessor’s projects

The Algerian president Abdelaziz Bouteflika has, during the hearing sessions dedicated to the sector of energy, summoned the Energy Minister Youcef Youcefi to increase investments and look for new outlets in the hydrocarbons sector through the intensification of explorations across the country.

• The president has insisted on giving the priority to renewable energies indicating that he was looking forward for a practical strategic plan for the development of the sector of energy which will receive the appropriate financing from the Algerian authorities.
• Abdelaziz Bouteflika has ordered the minister to carry out another assessment of the projects in the petrochemical industries taking into account their capacities to generate a genuine industry and upgrade the existing gas resources. He has also insisted on carry on the authorities efforts to supply the remote regions of the country with electricity and natural gas.
•   
• As to the mines sector, the president has called for revamping the exploration operations insisting on the domestic financing, but also for sound partnerships with high level international companies in a bid to benefit from our formidable reservoir including phosphates and iron.

• Sonatrach has announced a drastic slump of its net income for the last year estimated at 52% but registered a giant leap in terms of investments estimated at 81% in comparison with 2008. The total cost of investments went up from $ 9.34 billions to $ 15 billions at the current value.
• Sonatrach is also established in the Mauritanian with its branch for the energy products refinement “ NAFTEC” in addition to its participation in the Mauritanian Gas Company at a level of 33% as well as a Peruvian gas field exploration.