Hakkar: Sonatrach financially comfortable and expected to reach 30 to 33 billion dollars by end of 2021

CEO of Sonatrach, Toufik Hakkar, has predicted that the group’s revenues will reach a value ranging between 30 and 33 billion dollars by the end of the current year, stressing the financial comfort of the group thanks to the decisions of OPEC and the improvement of the indicators of the oil markets in the world.

Speaking at the Algerian Radio Forum, Mr. Hakkar expounded a number of projects as part the group’s strategy until 2025, most notably the renewal of the national reserves of fuel, which despite the crisis of Coronavirus pandemic- the speaker adds – Sonatrach was able to renew the reserves by 120 percent, in addition to developing manufacturing industries to ensure local consumption.

The CEO of Sonatrach, Toufik Hakkar, said in a related context, that the company managed to achieve $21 billion by the end of August 2021, compared to $13 billion in 2020.

With regard to the group’s investments to export LNG, the same official said the company’s export capabilities through pipelines are very significant, and does not need any additional capabilities until 2030, except for some projects such as the extension of the oil port of Skikda to allow the entry of giant ships and facilitate access to Asian and South American markets.

In his response on Sonatrach’s strategy to invest in Africa and neighboring countries, Mr. Hakkar said that the company’s interest in this partnership still exists, explaining that the company has projects in Peru that produce and generate revenues for the company estimated at $150 million, adding that the company is working on studies to develop explorations in Libya and Nigeria in the future.

As for foreign investment in Algeria, the guest of Radio Forum explained that with the beginning of 2022 at the latest, new agreements for exploration and production will be signed, and that is why the energy sector works to improve the business climate by overcoming bureaucratic obstacles and reviewing regulatory texts to attract investors.

Hakkar added that Sonatrach is betting in the future on the hydrogen industry, which is part of the company’s plan to keep pace with the world’s trend towards clean energies.

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