Algerian national oil company Sonatrach plans to provide $33 billion in revenue this year

Algeria's national oil company, Sonatrach, plans to increase its revenue by $13 billion this year and generate around $33 billion in revenue.

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Sonatrach Director Toufik Hakkar said that, according to the trends in the international energy markets, they expect to generate between $30 and $33 billion in revenue in 2021.

Hakkar expressed that unlike last year, which was under the influence of the COVID-19 pandemic, this year its revenues “witnessed a noticeable increase,” and that its sales reached approximately $20 billion in the first 8 months of the year, which corresponds to the total income of 2020.

The economic destruction caused by the COVID-19 pandemic also deeply shook Algeria, an oil and natural gas country with a population of 45 million.

The low course of energy prices negatively affected Algeria, which collects 60 percent of its state budget and 94 percent of its exports from oil and natural gas. The consequences of this, such as the increase of its current account deficit and its postponing of investment projects, have left the North African country in an economically difficult situation.

Sonatrach is an Algerian state-owned oil and gas company. It has both direct and indirect control over all aspects of the country’s hydrocarbons and has driven Algeria towards its current status as the second-largest global supplier of liquefied natural gas.

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