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Friday, February 26, 2021
The Minister of Energy and Mines, Mohamed Arkab highlighted on Wednesday in Hassi R’mel (Laghouat) the positive results obtained by the Sonatrach Group for the 2020 financial year, in despite the repercussions of the Covid-19 pandemic on the national economy.
In a speech delivered to the Prime Minister, Abdelaziz Djerad, during his visit to Hassi R’mel, on the occasion of the celebration of the 50th anniversary of the nationalization of hydrocarbons and the 65th anniversary of the creation of the General Union of Algerian workers (UGTA), Mr. Arkab highlighted “the positive results obtained in 2020 by the Sonatrach Group, in terms of operations and finances, thanks to the awareness and concern of workers to avoid the company repercussions and risks of the Covid-19 pandemic ”.
“The oil industry is now experiencing the biggest drop in the volume of upstream investments, registering the lowest level in decades,” the minister warned, stressing that “this is a sign that the oil markets will experience a crude oil shortage in the future against the current abundance.”
“The need to inject upstream investments is more than necessary to compensate for this decline,” he advocated.
The Minister of Energy and Mines also called for the need to “deal with cases of fluctuations in markets, international plans and policies, with a view to preserving our national achievements and strengthening our position as national company entrusted with safeguarding oil reserves ”.
Mr. Arkab at the same time praised “the enormous work and the sacrifices made by the workers of the energy sector, in general, and those of Sonatrach in particular, throughout a difficult year for the whole humanity,” adding that “the Covid-19 pandemic has had a negative impact on the asset value and turnover of the world’s major oil companies. On the other hand, the health of our workers has been preserved in the different units and regions of the country.”
The Minister also valued “the efforts to safeguard production in order to meet the needs of the national market in electricity, natural gas and fuels and to respect our commitments to contracts with foreign partners so as to preserve the position and reputation. of Algeria on the international scale.”
The celebration of the 50th anniversary of the nationalization of hydrocarbons under the slogan “Together for a national energy security in the medium and long term” is an opportunity for us to start a new battle to achieve a fluid and secure energy transition,” he put forward.
To do this, continues Mr. Arkab, it is necessary to secure our mining resources, considering that energy security was a challenge to be taken up more effectively.”
In the same vein, the minister described the nationalization of hydrocarbons as “Algeria’s second victory in the oil battle. It was + economic November 1 + as described by the late President Boumediene during his historic speech delivered on February 24, 1971.”
Recalling the symbolism of the celebration of this event in one of the largest gas fields in the world, having placed Algeria among the leaders in this industry,” Mr. Arkab said that the national capacities made it possible to“ cover the demand of the national market in this vital matter for several decades and the export of important quantities to the various countries of the world ”.
And to highlight the importance of the megaproject “Boosting III” which consists of reinforcing “the gas pressure thanks to three North-Center-South stations”, thus making it possible to maintain the level of production around 180 million m3 / day and recover additional quantities of reserves amounting to 400 billion M3 of gas.”
He also highlighted the determination of Algerian skills which ensured the continuity of production, making the energy sector the pride of all Algerians. (translation by APS)
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