Page 10 - AfrOil Week 37 2021

AfrOil PERFORMANCE AfrOil

Algeria aims to invest $10bn

in oil and gas sector in 2022

ALGERIA ALGERIA’S government intends to raise the a rise of 65% on last year’s figure of $20bn.
amount of money invested in the oil and gas Sales of crude oil and natural gas to foreign
industry by more than 35% next year, according buyers generate about 90% of Algeria’s total
to Prime Minister Ayman Benabderrahmane. export earnings, as well as 60% of the govern-
Speaking to members of the Algerian Par- ment’s budget revenues. The prime minister
liament on September 13, Benabderrahmane told MPs on September 13 that Algiers wanted
noted that Algiers had spent $7.4bn on hydro- to attract additional investment to the non-oil
carbon projects in 2021. The government’s new sectors of the economy, but he also said that the
economic action plan calls for raising this sum action plan provided for keeping the govern-
by $2.6bn to $10bn in 2022, he said. ment’s current subsidy policies intact. These
Algeria’s government invested about $7bn subsidy programmes use budget funds to keep
in the oil and gas industry in 2020, down by the price of fuel, food, medicine, housing and
about half on the 2019 figure. It made the cuts many other necessities far below market rate. ™
to compensate for the loss of revenues, which
were down as a result of weak world oil prices
and sluggish energy demand in the face of the
coronavirus (COVID-19) pandemic.
The prime minister did not provide a full
breakdown of Algiers’ action plan or say exactly
how oil and gas investment funds would be allo-
cated. He did state, though, that the additional
funding was expected to raise the country’s total
hydrocarbon output to 195.9mn tonnes of oil
equivalent this year. This would represent a rise
of 4.76% on the 2020 figure of 187mn toe.
Benabderrahmane went on to say that Alge-
ria was on track to see oil and gas export earn-
ings rise to $33bn in 2021. This would represent Berkine natural gas pipeline in Algeria (Photo: Eni)

POLICY
Protesters reportedly block

more Libyan crude loadings

LIBYA PROTESTERS are reported to have prevented with Vortexa reporting that the Yannis P vessel
the loading of oil tankers at two Libyan ter- remained in the vicinity of Es Sider. Both vessels
minals this week, just days after loading had have since sailed to Italy – Sardinia and Sicily
resumed following disruption. respectively.
Sources were quoted by Reuters saying Protesters at Es Sider were reported to have
that protesters had returned to Ras Lanuf and been calling for the ouster of NOC chairman
Es Sider on September 14, demanding jobs Mustafa Sanalla.
for locals and management changes within Loading was also reported to have been dis-
National Oil Corp. (NOC), with the company rupted at the eastern terminal of Marsa el-Hariga
having reported the reopening of the facilities with students demanding job opportunities.
just four days earlier. In March, a Paris court of appeal had upheld
On September 14, Argus quoted trading and an arbitration ruling against Libyan Emirates
shipping sources as saying that the Kriti Bastion Oil Refining Co. (LERCO) pertaining to the
tanker had begun crude loading at Ras Lanuf, closure of Ras Lanuf refinery in 2013.

P10 www. NEWSBASE .com Week 37 15•September•2021