Algerian state-owned oil and gas company Sonatrach will invest $442 million in energy projects in neighboring countries until 2028, Algerian Minister of Energy and Mining Mohamed Arkab said on Tuesday.
"Sonatrach seeks to strengthen its production capacity by investing in contracts with foreign partners in the field of exploration and production of fuel in neighboring countries such as Libya, Mali and Niger, where it plans to invest $442 million between 2024 and 2028," Akrab told Algerian magazine Al Jaish.
The minister emphasized that the North African country is the closest strategic gas supplier to Europe. Arkab also noted that growing cooperation with African producer countries such as Nigeria through the Trans-Saharan Gas Pipeline project is strengthening Algeria's potential as a regional energy hub.
Algeria has also attracted new customers in Central and Eastern Europe, the minister said. The minister noted that Algeria's position as a constructive player in intergovernmental bodies such as the Gas Exporting Countries Forum (GECF) or the Organization of the Petroleum Exporting Countries (OPEC) strengthens the country's reputation in the eyes of its international energy partners. It reinforces our status as an energy stronghold in the Mediterranean.