Algeria’s state-owned energy giant, Sonatrach, has announced a net profit of 812 billion DZD (approximately $6 billion USD) for the year 2024. This represents a 20% increase compared to the company’s performance in 2023, according to its annual report.
The report, released on the company’s website, also indicated that primary hydrocarbon production remained stable. In 2024, production reached 193.7 million tons of oil equivalent (TOE), a slight decrease compared to the 193.8 million TOE recorded in 2023, but an increase compared to the 189.6 million TOE in 2022. The stability in production underscores Sonatrach’s commitment to maintaining its output levels amidst global market fluctuations.
Sonatrach acknowledged that the 2024 financial year presented a “less favorable” environment compared to 2023, primarily due to a decrease in oil and gas prices. Despite these challenges, the company highlighted several achievements, including record fuel production. Specifically, Sonatrach produced 10.8 million tons of fuel oil and 3.7 million tons of gasoline.
Total investments by Sonatrach reached 835 billion DZD (approximately $6 billion USD) in 2024, marking an 11% increase. A significant portion of these investments (79%) was allocated to the development of exploration and production activities. This strategic allocation reflects Sonatrach’s focus on expanding its upstream operations and securing future energy supplies.
The annual report also noted a “remarkable performance” in the petrochemicals sector. The CP2K petrochemical complex in Skikda recorded a 101% increase in high-density polyethylene production. Furthermore, crude oil processing increased by 2%, reaching 26.5 million tons of processed oil.
Despite the overall decline in global oil and gas markets, Sonatrach emphasized its “great flexibility and adaptability,” stating that it continued to pursue its planned investments with determination. Export revenues reached 6019 billion DZD ($45 billion USD) in 2024, while total turnover amounted to 6523 billion DZD (-10%). The company’s oil tax payments totaled 3872 billion DZD for the year.
