ENERGY

Algeria energy exports down 7.7 percent in 2018

Algeria attributed a fall in exports over the past years to decline in output and growing domestic consumption. (Reuters)

Algeria’s oil and gas export volumes fell 7.7 percent in 2018 from the previous year, the central bank said on Tuesday, highlighting how the OPEC member country is struggling to attract foreign investment to boost output.

Energy exports are the main source of income for Algeria, accounting for 60 percent of the state budget and 94 percent of total sales abroad.

Overall oil and gas exports stood at 99.9 million tons of oil equivalent in 2018 down from 108.23 million tons of oil equivalent in 2017, the central bank said, without giving details.

Algeria, a major gas exporter to Europe, had said had attributed a fall in exports over the past years to decline in output and growing domestic consumption.

Foreign investors have stayed away, citing unattractive contract terms and bureaucracy, forcing the government to start drafting a new energy law offering tax incentives.

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Last Update: Tuesday, 11 June 2019 KSA 21:58 - GMT 18:58
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