Algerian government plans to forgo state companies' oil profits, APS reports

Algeria's oil revenue is expected to exceed forecasts because the government based its budget on an average oil price of $45 a barrel, but prices now stand at about $85: PM

  
Image used for illustrative purpose. A view of a liquefied petroleum gas refinery in Arzew near the western city of Oran July 30, 2007.

Image used for illustrative purpose. A view of a liquefied petroleum gas refinery in Arzew near the western city of Oran July 30, 2007.

REUTERS/Zohra Bensemra

DUBAI - The Algerian government plans to give up its share of the profit made by oil producer Sonatrach and other state companies to allow them to invest in expansion projects, state news agency APS said on Monday, citing Prime Minister Aimene Benabderrahmane.

Benabderrahmane was adressing questions from members of parliament on Sunday, the agency said, because parliamentary approval is needed for measures that affect the budget. He said the country's oil revenue is expected to exceed forecasts because the government based its budget on an average oil price of $45 a barrel, but prices now stand at about $85.

(Reporting by Maher Chmaytelli Editing by David Goodman ) ((maher.chmaytelli@thomsonreuters.com;))


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