The Sonatrach Group intends to intensify its investments in the production of carbon-free liquefied natural gas over the next few years, the Group’s CEO, Toufik Hakkar, revealed on Wednesday.
The CEO of Sonatrach was speaking at a session organized by the Economic Affairs, Development, Industry, Trade and Planning Committee of the National People’s Congress (APN), devoted to the debate on: “Sonatrach’s Development Prospects for the Next Five Years”.
Mr. Hekkar indicated, in this context, that the orientation towards new investments for the production of liquefied natural gas without carbon constituted “one of the main challenges of the Group in the context of the international changes in progress”.
Sonatrach must launch new investments to produce gas that meets specific environmental standards in order to preserve its market share and reputation, he added, noting that some countries are now imposing environmental conditions on purchases, hence the need to move towards carbon-free liquefied natural gas.
Mr. Hekkar highlighted the importance of the projects registered by the Group and intended for the implementation of its strategy aimed at reducing the carbon footprint and gas emissions, within the framework of the international commitments made by Algeria, but also with a view to strengthening its competitiveness.
These projects are also part of the five-year investment program, estimated at 40 billion dollars.
The Sonatrach group develops projects to reduce carbon emissions in production circuits, but also other projects to repair the damage caused by the emission of CO2 through its polarization by expanding and developing forest areas, allowing to absorb the quantities emitted into the air.
The group also works to carry out technological projects capable of developing Sonatrach’s infrastructures, in order to be in tune with the requirements of the new industry.
In this regard, the CEO of the group praised the efforts of young Algerian executives trained locally, who have ensured the implementation of this medium-term plan in order to contribute to the development of the national economy.
Chairing the audience, the Chairman of the Commission for Economic Affairs, Development, Industry, Trade and Planning at the NPC, Kamel Belakhdar underlined the importance of the group which constitutes the backbone of the economy; through its contribution to the mobilization of foreign currency revenue for the country, in addition to its efforts in the development of the hydrocarbons sector in Algeria.
