Algeria's Sonatrach to boost financial support to southern regions, says Energy Minister

Speaking during a Thursday parliamentary session in Algiers , the Algerian energy and mines Minister Chakib Khelil said that the national hydrocarbons company Sonatrach was intent on shoring up its financial backing to the populations of the southern part of Algeria .

He asserted that Sonatrach had earmarked a greater financial package in this year’s budget for the Algerian south as part of a new scheme aimed at curbing the social constraints experienced by the local inhabitants for so many years now.

Chakib Khelil said Sonatrach was planning to help launch several useful and profit-yielding projects in the south of the country in keeping with an overall strategy worked out by the Algerian government on the matter.

Financial assistance will be provided, said Chabib Khelil for the promotion of several socio-economic and sporting projects for the benefit of the southern populations notably the youth eager for fresh job opportunities in the remote regions of Algeria .

Meanwhile, OPEC may hold an informal meeting in Rome in April but is not expected to increase supply, Chakib Khelil said.

Algeria’s Energy and Mines Minister, added in remarks to the Algerian parliament that an increase would not cool the market because there was no link between price levels and supply and inventories were high.

“OPEC … may hold an informal meeting in Rome between 20-23 April during the International Energy Forum meeting but I don’t think our decision will be different from that taken during our last meeting,” he said, referring to OPEC’s decision to keep output unchanged.