Algeria Allocates USD 3.5 Bln To Increase Oil Reserves

5/23/2024 7:13:50 PM

(MENAFN- Kuwait News Agency (KUNA)) ALGIERS, May 23 (KUNA) -- Algeria has allocated USD 3.5 billion, for 2024-2028 period, to expand the country's oil reserve and primary production by intensifying exploration effort, Algerian energy Minister Mohamed Arkab said on Thursday.
The sum aims to improve exploration and operations of making use of fuel through using modern techniques, Arkab told the country's parliament.
The development program of the Sonatrach complex has allocated USD 416 million for projects related to environment, including USD 67 million for solar energy and USD 68 million for hydrogen projects, he noted.
Arkab stressed Algeria's international commitments to reducing pollutant emissions in the hydrocarbon sector are honored through several investment projects aimed at reducing gas-flaring volume or through major projects in reforestation, which will be implemented by the Sonatrach group. (end)
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