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For Algeria’s state utility Sonelgaz, 2013 was “an exceptionally successful year in terms of projects,” Chief Executive Noureddine Boutarfa says. Yet, announcing the company’s 2013 results on 23 June, he said that the company’s financial situation “remains fragile” amid mounting losses.
Sonelgaz posted net losses of AD29.74bn ($380mn) for 2013, more than three times those for 2012. “The Sonelgaz Group ended the year 2013 in poor condition financially,” Mr Boutarfa acknowledges.
The loss comes as no surprise, though it is even higher than an earlier “forecast” 2013 loss of AD24.5bn ($310mn) carried by official news agency APS.
Sonelgaz has prioritized investment in electricity generating and transmission capacity since Ministry of Energy and Mines Youcef Yousfi was returned to office in 2010.
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