The Algerian Energy Minister has contradicted recent reports and declared that the country has not cancelled any oil, gas and petrochemicals projects and has no plans to review any ventures currently in development, according to the Algerian newspaper, Al-Shourok Al-Yaoumi.
  Â
Dr. Chakib Khalil said that the reason behind this is that state-owned energy company Sonatrach carried out feasibility studies that projected the worst-case scenario.
Dr. Khalil, who was speaking on the sideline of a conference held in Algiers, said that Algeria will not review any energy investment plan and will rely on it local funds to finance the announced project.
Commenting on the increase of oil prices in the last few days, Dr. Khalil said that OPEC has maintained the stability of prices in spite of the decline of demand in the international market. He also said that he expects oil prices to reach US$60 per barrel before the end of 2009.
Â
