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The CEO of the Algerian state-owned energy company Sonatrach has said that rvenues from oil and gas exports from the North African state have fallen by over 50% to US$31 billion from January to September 2009.
Reuters reported that Mohamed Meziane said that the figure, down from $63 billion for the corresponding period of 2008, was due to lower oil prices.
Despite the lower revenues Sonatrach has still been committed to investing in its hydrocarbons sector. Earlier this year Meziane told ArabianOilandGas.com that Algeria planned to spend around $65 billion on various oil and gas projects over the next few years.Â
