Algeria's SONATRACH achieves record turnover

The Algerian Hydrocarbon Company (SONATRACH) achieved a record turnover of more than 22 billion dollars in 2000, the company's vice president, in charge of strategy and planning, announced Wednesday.

According to the Pan-African news agency (PANA), SONATRACH reached an "unprecedented record level" with the increase in production accompanied by an increase of reserves during the same period.

SONATRACH, set up less than 40 years ago, is one of the biggest natural gas producers world-wide. Nine discoveries were made either by the company or in partnership, leading to the conclusion of 46 contracts since 1986.

Algeria's existing hydrocarbon deposits are estimated at about 10 billion oil barrels.

Its development program for the next five years envisages an investment of almost 21 billion dollars.

The company's goal is to produce 1.5 million barrels per day as from 2004.