Sonatrach maintains investments despite global Covid-19 pandemic, progress in exploration, increasing refining capacities

March 14, 2021

ALGERIA- The National Hydrocarbon Company Sonatrach has been able to maintain investments and face the repercussions of the global health crisis, induced by Covid-19, the company CEO, Toufik Hakkar stated in an interview with Radio Algerie (International channel).

Recently ranked by the magazine Forbes Middle-East, 5th best manager in the region, Toufik Hakkar explained that “the health crisis has pushed most of the foreign partners and collaborators to return to their country of origin”. To deal with this situation, “Sonatrach had recourse to national skills”, indicated its CEO. Consequence: “the company has made significant savings in foreign currency”, noted Toufik Hakkar, who assured that this “special” year was the opportunity to take stock of the structure of Sonatrach’s expenditure.

The Head of the national hydrocarbon company has decided to further open the field to partnership with national public and private companies…. “We have also decided to collaborate with Algerian micro-enterprises and start-ups,” added the CEO.

The state-owned hydrocarbon company is, also, active in the field of exploration. “Our objective is to renew the consumed reserves at more than 100%, currently we are at 90% renewal rate”, indicated Mr. Hakkar.

Another announced objective: to maintain, or even increase, the production levels of the fields qualified, by the CEO of Sonatrach, of: “mature fields”, requiring a maintenance effort. Sonatrach also intends to increase its refining capacities, by making new investments in petrochemicals.

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