Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap

Algeria's state utility Sonelgaz sees an “urgent” need to tap international markets to fund capacity expansion. With gas supplies for electricity increasingly problematic, Algiers is making renewables a “national priority.”

Noureddine Bouterfa, chief executive of Algeria’s state electricity and gas utility Sonelgaz, says that the company plans as a matter of urgency to approach the international capital market to fund its investment program.

“Our problem in the short term is to find a solution to a AD1.1trillion ($10.25bn) funding deficit,” Mr Bouterfa told reporters at a forum in Algiers this week. “This is an urgent measure, which would help us to finalize our investments program up to 2018.”


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE