ALGIERS, June 23 (KUNA) -- CEO of Sonatrach (S.P.A.) Toufik Hakkar on Thursday expected the company's annual revenues to hit USD 50 billion by the end of 2022.
The total value of the company's exports in the last year grew by 75 percent on annual basis to hit USD 35.4 billion, he said while presenting the main energy projects carried out by the company between 2020 and 2021.
The average price of the Saharan Blend (light sweet crude oil) went up by 68 percent by the end of May 2022, compared with the figures of the corresponding period last year, Hakkar pointed out.
On the global gas market, he said the last year changes provided ample opportunity for the company to increase its exports via pipelines by 54 percent and via irregular routes by 13 percent
Regarding the new hydrocarbon explorations in 2020-2021, he said Sonatrach developed 35 sites, including 34 of its own, which produced a total of 307 million tons of oil equivalent (toe).
The company invested up to USD seven billion in energy projects, which are expected to produce 20 million toe annually, in addition to USD five million in projects under construction, he added.
Sonatrach (S.P.A.), the largest energy company in Algeria and Africa, operates in exploration, production, pipeline transportation, transformation and marketing of hydrocarbons. (end)