Algeria: The Prime Minister declares that the investment in oil will rise to 10 billion dollars in 2023

Algerian Prime Minister and Finance Minister Ayman Ben Abdel Rahman said that Algeria continues to increase investment in extraction and development in the oil sector, to rise from $7.4 billion in 2021 to about $10 billion in 2023.

He added that these investments will allow increasing the primary commercial production of oil from 187 million tons of oil equivalent to about 196 million tons. He also announced the endeavor to produce 15,000 megawatts of renewable energies in 2025, stressing the importance of exploiting the mining wealth, which suffered earlier from the lack of a regulating strategy.

Bin Abdul Rahman, who also holds the position of Minister of Finance, focused on the importance of reducing the import bill and rationalizing spending to achieve sustainability, using a new support mechanism based on targeting beneficiaries from vulnerable groups.