Algeria's Sonelgaz financial balance in jeopardy as early as 2009, says CEO

The Sonelgaz CEO, Mr. Nourredine Bouterfa affirmed Sunday in Algiers that the financial balance of the national gas and electricity Company could tumble as early as 2009, according to reliable prospective data.

He said that this sombre contingency could destabilize the smooth running of the company which would be compelled, if the worst comes to the worst, to forsake its planned investment projects estimated at over 8 billion dollars.

The loss incurred, said Bouterfa, is mainly due to the recent government’s decision excluding a hike in the electricity price at the national level as previously recommended by Sonelgaz.

In his assessment of the balance-sheet of the year 2007, the Sonelgaz CEO pointed out that the company had been facing huge problems related notably to the non-payment of thousands of invoices by consumers as well as to the illicit electric pluggings carried out by dishonest people in addition to the widespread stealing, by smugglers, of large quantities of electric cables laid by Sonelgaz in remote areas of the country.