Algerian Sonatrach to Cut 2020 Budget in Half

published:01/04/2020 09:09 GMT

Sonatrach group intends to reduce by 50% its budget in 2020 and postpone non-urgent projects following the impact of the new coronavirus (Covid 19) on oil markets, said CEO Toufik Hakkar in an interview. “Given the impact of this pandemic on supply and demand, we intend to reduce the costs of investments and recruitments this year because they do not affect the level of production. We aim to postpone some projects and decrease employment costs (-30%), i.e. 50% Sonatrach’s budget for this...More