Oil tax revenues hit $ 11.5 billion in the first quarter of 2011, Yousfi

Algeria collected oil tax of 821 billion dinars in the first quarter of this year, said Minister of Energy and Mines, Youcef Yousfi on Wednesday.

 Mr Yousfi was addressing the Parliament’s budget and finance committee, in the frame of discussions over the supplementary budget law of 2011.

He said: “Algeria has collected $18 billion as hydrocarbon revenues during the first quarter of 2011, while oil taxes reached 821 billion dinars (about $ 11.5 billion).”

The official further added that his ministry has drawn up a five year program aiming at boosting and rationalizing the production, through expanding exploration and digging operations by 50%, as well as increasing the volume of investments in bid to develop petrochemical projects and continue meeting needs of villages and cities in terms of electricity and gas supply.

Mr Yousfi further added that his services have proposed to devote 1% of oil tax revenues to support the national fund for the development of renewable energies to generate electricity.