Algeria's revenues from oil and gas sales increased by about a third during the first five months of this year, compared to their level in the same period last year.
The CEO of the Algerian national oil and gas company "Sonatrach", Taoufik Hakkar, announced that revenues amounted to 12 billion and 600 million dollars, up from 8 billion and 100 million dollars a year ago.
Hakkar expected that revenues for the current year would reach 30 billion if oil prices remained between $65 and $75 a barrel.
The Algerian company’s revenues amounted to 22 billion dollars last year, a decrease of 11 billion compared to 2019 revenues.
On the other hand, the Algerian minister stated that Sonatrach decided not to renew a contract in favor of the Lebanese Ministry of Electricity, and that it informed the Lebanese party 6 months before the contract expired at the end of last year.
He said that Sonatrach dealt with Lebanon despite the difficulties in payment during a period of nearly two years.
The CEO of the Algerian company Sonatrach also confirmed that his country has prepared itself to respond to any Spanish request regarding gas if Morocco decides to terminate the concession contract that combines it with Algeria and Spain through a pipeline crossing Spanish territory.
He added that the contract expires at the end of next October, and that negotiations are currently underway in this regard.