Algeria:Sonatrach announces investments worth 90 bln dollars

Thousands of new jobs in 2015-1019 period

02 March, 11:28

    A Sonatrach gas pipeline A Sonatrach gas pipeline

    (by Diego Minuti) (ANSAmed) - ROME, MARCH 2 - Although the energy sector (with oil prices plunging over the past few months with barrel prices almost halved) is suffering a condition of instability that paves the way to uncertainty, Algerian giant Sonatrach has decided to invest in a huge plan worth 90 billion and 600,000 dollars in 2015-2019 according to today's currency value.

    A huge injection of resources that seems to give responses outside Algeria (almost reassuring foreign partners over the line of the State company) and on the domestic front where protests are ongoing (also with thousands taking to the street) against the exploitation of shale in connection with fears for its negative impact on the environment.

    Such protests, which included moments of great tension for ''contacts'' between demonstrators and police, occurred mostly in the south, where shale should be extracted - and reached the capital in sign of solidarity with those opposing the drilling activities.

    The five-year plan, as reported by Aps, was made in Orano by president and interim CEO of Sonatrach, Said Sahnoun, who chose the 44th anniversary of the nationalization of the hydrocarbon sector that marked the awaited conclusion of the colonial era, in the energy sector as well.

    Sahnoun said that ''these investments will enable Sonatrach to intensify efforts of exploration to consolidate its reserves with particular interest in hydrocarbon prospecting in the north of the country, in offshore and non-conventional resources''.

    Research activities will be intensified in the five-year period over an area of 26 square km a year, with 120 wells forecast for each year.

    Among Sonatrach's objectives is the support of small and medium-sized companies whose activities can be connected with the oil sector.

    Sonatrach appears to have an optimistic view of its medium and long-term future with a plan expected to create thousands of new jobs.

    By 2015, 8,000 young people are expected to find a job, in a new response, also in social terms, to the State's mission in the energy sector. (ANSAmed)

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