Ahmad 
Sonatrach Chairman and CEO Rachid Hachichi announced that the company will spend $50 billion between 2024 and 2028 to develop the company’s investment capabilities.
“$36 billion will be spent mainly on exploration and production, and the company is working to modernize the infrastructure by equipping it with advanced technologies, as well as rehabilitating oil refineries, continuing to invest in research and development, encouraging scientific research and technological development, and promoting best practices in related fields,” Hachichi said in a speech on the occasion of the celebration of the sixtieth anniversary of the founding of the Algerian state oil and gas company Sonatrach.
“Sonatrach is committed to developing its investment portfolio through the expansion of petrochemicals and polypropylene production, the launch of a methyl tertiary butyl ether production facility, as well as the implementation of a massive integrated phosphate project, which, once operational, will allow Algeria to become one of the largest regional and international fertilizer exporters,” Hachichi added.
Founded in 1963, Sonatrach is the largest Algerian company and one of the main players in the hydrocarbon market in Africa and the Mediterranean region. Sonatrach’s export revenues in 2022 amounted to $60 billion, investments amounted to $5.5 billion, and the company continues to grow its fundamentals in recent years.