ALGIERS – Friday, 22 December 2023 (APS) – The chief executive officer (CEO) of Sonatrach, Rachid Hachichi, said the oil group intended to devote a budget of 50 billion dollars for the period 2024-2028 to promote investments, especially in upstream activities.

“As part of the development of the group’s capacity in terms of investment, mainly in upstream activities, a budget of 50 billion dollars have been devoted for the period 2024-2028, of which 36 billion dollars meant mainly to exploration and production,” Hachichi said Thursday evening in an address marking the 60th anniversary of the creation of Sonatrach, held at the International Convention Centre.

He added that the group was working for the modernization of infrastructures through cutting-edge technologies, refinery rehabilitation and the ongoing investment in research and development, in addition to the encouragement of scientific research, technological development and the promotion of excellence.

The CEO said the group was seeking to develop its investment portfolio by extending its activities in the petrochemical industries, through the production of polypropylene, the launch of the methyl tert-butyl ether (MTBE‎) production unit project aw sell as the phosphate production megaproject.

Once operational, the megaproject is expected to make Algeria “one of the major fertilizer exporters at the regional and international levels,” the source said.