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October 24, 2024 | 2 months ago

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Arkab: USD 34 billion in hydrocarbon export revenues in 9 months

On Wednesday, in a speech to the APN Finance and Budget Committee, the Minister of Energy and Mines, Mohamed Arkab, announced that Algeria's revenues from hydrocarbon exports amounted to 34 billion dollars by the end of September 2024.

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The Minister of Energy and Mines announced that oil taxes will reach 3,035 billion dinars in 2024, representing 86% of the forecasts in the 2025 Finance Law. However, the sector is operating in a context of geopolitical changes and a slowdown in global economic growth, challenging the stability of oil and gas markets.


Hydrocarbon production will remain stable at 126 million tons of oil equivalent by the end of September 2024, while the new Hassi Messaoud refinery, with a capacity of 5 million tons per year, will increase fuel production and meet national demand once completed.


In the mining sector, 1.3 million tons of phosphate will be exported in 2024, generating $130 million. In addition, new projects in the wilayas of Constantine, Mascara, Annaba and Tlemcen have boosted the production of non-ferrous mining products.


In total, $4 billion will be invested in the energy and mining sector, in 2024 first nine months, creating an additional 4,000 jobs and bringing the total workforce to 300,000.

October 24, 2024 | algeria-logo

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