Algeria to Invest $ 60 Billion in Energy and Mines   Leave a comment

18 /01/2011

Algeria – Group Sonatrach will invest DZD4, 200 billion, i.e. $ 60 billion over the period of 2011/2015 “in view to reinforcing the national capacities of hydrocarbon production,” Energy and Mines Minister Youcef Yousfi announced Monday in Algiers.

This program, which 57% of the funding allocated will be spent on exploration and production activities, provides a “boom” for the exploration activity to increase the country’s reserves and optimize the exploitation of hydrocarbon deposits, Yousfi said at the Forum of El Mujahid.

Similarly, the exploration effort aims to double research activities for the coming years. For the year 2011, “it is already expected to increase this effort by more than 40%” compared to the previous year, said the minister.

On investment matter, Algeria’s Trade Minister Mustapha Benbada said Monday in Sharm El-Sheikh (Egypt) that the law on investment in Algeria is one of the most attractive in the Arab world, citing as evidence the large number of foreign companies from different regions of the Arab world in the Algerian market.

In statements to the press on the sidelines of the preparatory meeting of the Arab economic summit, Benbada said that Algeria recorded weekly visits of many international companies and businessmen, expecting, in this regard, significant foreign investments in 2011.

He further stressed that food security in Algeria was “assured” in the sense that many products are subsidized by the government since many years, saying that the government has set up a monitoring mechanism of unjustified price increases to protect the consumer.

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Posted January 18, 2011 by newworldconsulting in Uncategorized

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