ECONOMY

Hydrocarbons: Investments to reach nearly USD10 billion in 2023

ALGIERS- Prime Minister and Minister of Finance Aïmene Benabderrahmane announced Monday in Algiers that the government would continue to invest in extraction and development in the hydrocarbon sector, by increasing the investments from USD7.4 billion in 2021 to nearly USD10 billion in 2023.

Presenting the Government Action Plan to the Lower House members, the prime minister said his Government "will continue to invest in extraction and development in the hydrocarbon sector, increasing the investments from USD 7.4 billion in 2021 to nearly USD 10 billion in 2023.

This will increase primary commercial production in the hydrocarbon sector from 187 million tonnes of oil equivalent (TOE) in 2021 to 195.9 million PET in 2023.

The prime minister said the government's efforts will mainly focus, as part of its action plan, on the development of sectors that are levers for economic growth and development.

He explained that the reforms initiated with a view to developing the energy and mining sector will continue through the exploitation of natural resources, thanks to the increase in the transfer in the hydrocarbon sector from 30% now to 50% in 2022.