Energy firms earn 6 pct of Algerian energy revenue

Foreign energy companies earned about $3.34 billion from their operations in Algeria in 2010, or 6 percent of total energy revenue, Algerian Energy and Mines Minister Youcef Yousfi said on Monday.

He said Algeria’s revenue from oil and gas sales abroad reached $55.7 billion last year, slightly lower than a forecast of $57 billion made a week ago by the country’s state energy group Sonatrach.

Sonatrach, Africa’s biggest company by revenue, earned $43 billion in 2009.

“We made $55.7 billion last year. The figure is up 25 percent compared to 2009,” Yousfi told state radio.

“Foreign groups have contributed by about 50 percent in oil production. Their share of total income does not exceed 6 percent of revenues,” he said…read more


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