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. (CONTINUED - 806 WORDS)