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Monday, January 17, 2022

Algeria to Resume Oil Projects in Libya

On Monday, the Algeria news agency quoted Taoufik Hakkar, the General Manager of the Sonatrach oil company as saying that they are preparing to resume their suspended oil projects in Libya.

Hakkar added that the company is working with its partners in Libya to ensure the security and safety of workers and equipment.

He stated that visits will be organized before the end of February, to negotiate the company’s return to Libya. As well as adding that the company will invest about $40 billion dollars from 2022 to 2026.

During his participation in the Algeria-Libya Economic Forum in May 2021, Hakkar claimed that Sonatrach is “fully prepared to develop distinguished relations with our Libyan partner to lay the foundations of a win-win economic partnership for both sides, and to develop the oil and gas industries in the two countries.”

Sonatrach is an Algerian state-owned oil company, which has diversified its activities to include all aspects of production, exploration, extraction, transportation, and refining. As well as diversifying into petrochemical and seawater desalination activities.

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