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Special Report: Sonatrach maintains investments despite low crude oil prices

08/03/2009
By Uchenna Izundu
Despite declines in oil and gas prices, Sonatrach, the Algerian national oil company, is maintaining its investment program.The company has expansion plans in traditional areas such as refining and LNG and is venturing into desalination schemes, power generation, and petrochemicals.It estimated the 2008-12 investment program would cost $45 billion but said 2009-13 spending would total $64 billion, boosted by the 60 discoveries it made last year. This budget includes $1.5 billion/year for exploration.If oil prices fall to $30/bbl, Sonatrach will review future projects but not those already planned.A major project under way is the $2.6 billion modernization and expansion of Sonatrach’...
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