Oct 18 2005 |
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Algeria Spends More Than $6 Billion a Year to Insure Oil Platforms
Beirut (APD) - The state-owned oil firm Sonatrach paid more than more than $6 billion in premiums a year to insure its oil installations against technical and human accidents, a statement by Algeria's ministry of energy and mines said this week.The ministry said over $300 million was spent on monitoring the safety of gas refineries.
Algeria earned over $32 billion in oil revenues in the first 9 months of 2005 and this number is expected to increase to $40 billion by the end of the year.
Algerian energy and mining minister Chakib Khelil told reporters last weekend that the results of the last nine months were "very satisfactory" and could help ensure financial stability in the North African country.
The Minister said his country has plans to increase its current production of 1.5 million barrels per day, to two million barrels by 2010, although its OPEC production quota is only 830,000 barrels per day.
© APD (Arab Press Digest) 2005
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