Algeria oil company expects revenues to rise $13bn in 2021

Algerian oil company Sonatrach yesterday announced that it expects its annual revenues to increase $13 billion, to $33 billion this year, compared to $20 billion last year.

Chief Executive Officer, Toufik Hakkar, said “the company’s revenues at the end of the year will reach between $30 and 33 billion, depending on the development of the oil market in the remainder of the year.”

Expected revenues this year are equivalent to the company’s revenues in 2019, prior to the coronavirus outbreak and its impact on demand and prices.

The official explained that the company has already achieved an income of $20 billion until 20 August, which is equivalent to its revenue in 2020.

Algeria’s economy suffers from an excessive and chronic dependence on hydrocarbon revenues, which represent 93 per cent of the country’s foreign exchange income, according to official government data.

The Algerian President Abdelmadjid Tebboune announced earlier that the country intends to achieve between $4-$5 billion in non-oil exports this year, to go beyond $2.6 billion in 2020, as part of an economic recovery plan he promised after taking office in December 2019.

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