Toufik Hakkar, Sonatrach’s CEO, stated that the group plans to invest more than $30 billion in the discovery and production of hydrocarbons, particularly natural gas, to increase the supply on the global market.

He said: “As part of Sonatrach’s five-year investment plan (2023-2027) the order of $40 billion, more than $30 billion will be allocated to exploration and production with the increasing production in the short and medium term and preparing a portfolio of future projects, for the natural gas in particular.”

Sonatrach also intends to invest more than $7 billion in petrochemical, gas liquefaction, and refining projects, which will increase Algeria’s export potential and support value addition. Projects intended to increase the company’s contribution to the energy transition will receive close to $1 billion in funding.