Algeria to invest $60 billion in energy over 5 years, says Energy Minister

Algeria will invest 60 billion dollars in energy projects from 2025 to 2029, as part of an ambitious strategy to promote oil, gas and hydrogen development, said Energy and Mines minister Mohamed Arkab on Monday.

Arkab, speaking at an energy conference in Algiers said that 80% of investment would be directed towards upstream exploration and production. The remaining funds would support refinery and petrochemical project.

The Minister also emphasized Algeria's efforts to diversify its energy supply, saying that the country has started projects to generate 3,200 Megawatts of renewable power as part of its broader energy diversification effort.

Arkab stated that "we are committed to energy transition, without abandoning natural gas as a resource."

Sonatrach, the state-owned energy company, said it aims to reduce gas flaring by less than 1% in 2030. This will be supported by a massive afforestation program covering 520,000 acres.

The North African nation aims to become a major supplier of energy on international markets, while also meeting its domestic demand and transitioning to sustainable sources. Reporting by Tarek Amar a Jaidaa Taha. Editing by Tomasz Jánowski

(source: Reuters)