Algerian state energy company's net profit up 148 pct in 2010

Algerian state-owned hydrocarbon group Sonatrach hit a net profit of 9.52 billion U.S. dollars in 2010, about 148 percent more than the profit of 3.83 billion dollars in 2009, Algerian official radio reported Thursday.

Sonatrach's turnover in 2010 reached 56.1 billion dollars, comparing to 44.4 billion dollars in 2009, according to a statement issued by the company.

The company produced 214 million tones of equivalent oil, of which 55.3 million tones of crude oil and 145.8 billion cubic meters of natural gas, it added.

The remarkable increase is due to the price hike of the Algerian Sahari Blend, which was around 61.9 dollars a barrel in 2009 and hit the price of 80.1 dollars a barrel in 2010.

Sonatrach has invested about 52.5 billion dollars during the last decade. It increased the investment to 11.8 billion dollars in 2009 from around 3.2 billion dollars in 2000, the statement said, adding that 69 percent of the company's investment plan focuses on the exploration and development of oil plants, in addition to big petrochemical projects.

The North African energy giant made 29 new hydrocarbons explorations in 2010, 27 of which were carried out on its own.

Sonatrach is ranked at the top in Africa and the 12th worldwide.

Source:Xinhua

	Weekly review