Algerian state energy firm Sonatrach will invest $56 billion from 2018 to 2022, its chief executive said on Thursday. “We will give more details very soon,” Abdelmoumen Ould Kaddour told reporters during a visit to the Hassi Rmel gas field. He spoke after launching a new gas pipeline pumping from southwestern fields including Reggane North, Touat and Timimoun with capacity of 8.8 billion cubic metres a year. “We are so proud of this project because it has been constructed 100 percent by Algerian firms,” Kaddour said. OPEC member Algeria has been hit hard by a slump in world oil prices and struggled to attract energy investment to help develop new fields and increase existing production.

Source: Reuters