ALGIERS – The Chief Executive Officer (CEO) of the Sonatrach group, Rachid Hachichi, indicated that the oil group intended to mobilize a financial envelope of 50 billion USD for the period 2024-2028 with the aim of promoting investment, particularly in upstream activities.
“As part of the development of the company’s investment capabilities, particularly for upstream activities, a financial envelope of USD 50 billion has been mobilized for the period 2024-2028, including USD 36 billion intended mainly for exploration and production”, Mr. Hachichi said Thursday evening in a speech on the occasion of the celebration of the 60th anniversary of the creation of the Sonatrach group at the International Conference Center (CIC).
He added that the group is working to modernize infrastructure by equipping it with cutting-edge technologies, but also to rehabilitate refineries and continue investing in research and development (R&D) and innovation. in addition to encouraging scientific research and technological development and promoting excellence in relevant fields.
The CEO added that the Group aspired to develop its investment portfolio by extending its activities in the field of petrochemical industries, through the production of Polypropylene, the launch of work to build the methyl production unit. tert-butyl ether (MTBE), in addition to the integrated phosphate production megaproject capable of allowing the country, once commissioned, “to become one of the largest fertilizer exporters at the regional and international levels”, said the same source.
Regarding management, the group works, according to Mr. Hachichi, to “establish the foundations of good modern governance, with a view to developing management and management methods to adapt to the requirements of the digital transition through the generalization of digitalization to all of the group’s activities. It is also a matter of accelerating the completion of the implementation of the integrated information system which has been adopted in recent years in order to strengthen performance,” maintains the CEO.
As for the celebration of the 60th anniversary of the creation of Sonatrach coinciding with December 31, 1963, Mr. Hachichi recalled the historic stops of the Group: “this is a remarkable journey in many respects, rich as well in challenges than acquired”.
In this context, he cited the decision taken by the country’s high authorities on February 24, 1971 on the nationalization of hydrocarbons, having enabled the development of Sonatrach which has, since then, been a real catalyst for sustainable development, but also “one of the largest oil and gas groups in Africa and the world.
Mr. Hachichi also highlighted the role of Sonatrach in meeting the country’s needs in different energy resources, as well as its contribution to strengthening export capacities through the increase in its market shares. international institutions, while ensuring the necessary sources of financing for socio-economic development projects.
The CEO of Sonatrach also welcomed the efforts made “from generation to generation of executives and workers who, persevering and dedicated, worked to meet the challenge and brilliantly carry out the missions assigned to them” .