Algiers – Sonatrach, Algeria’s state-owned oil and gas company, has announced a significant surge in profits, reaching 812 billion dinars (approximately $6 billion USD) in 2024. This represents a 20% increase compared to the company’s earnings in 2023.
The company’s annual report indicates that this substantial growth was achieved despite a challenging international environment characterized by fluctuating oil and gas prices throughout the year.
While hydrocarbon production remained relatively stable at 193.7 million tons of oil equivalent, compared to 193.8 million tons in 2023 and 189.6 million tons in 2022, Sonatrach significantly increased its investment. The company channeled 835 billion dinars into various projects, marking an 11% increase in investment. A substantial 79% of this investment was dedicated to exploration and production activities, signaling Sonatrach’s commitment to strengthening its future capabilities.
The refining sector also achieved record-breaking performance, producing 10.8 million tons of fuel oil and 3.7 million tons of gasoline during the year. In the petrochemical sector, the CP2K complex in Skikda witnessed a remarkable surge, doubling its production of high-density polyethylene by 101%. Crude oil processing also increased by 2% to reach 26.5 million tons.
The report highlights Sonatrach’s ability to adapt to the volatility in global energy prices, maintaining its development plan without setbacks. The company views this as evidence of its resilience and capacity to transform challenges into opportunities.
Despite a 10% decrease in overall turnover to 6,523 billion dinars, export revenues reached 6,019 billion dinars ($45 billion USD). Petroleum tax payments increased to 3,872 billion dinars during the past year. Sonatrach’s performance reflects its strategic focus on exploration, production, and adaptation to the global energy market.
