Sonatrach announces $34.5bn revenues for Jan-Oct

Sonatrach CEO, Mohamed Meziane.

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The CEO of the Algerian state-controlled hydrocarbons giant Sonatrach has said that the company’s revenue from overseas oil and gas sales stood at $34.5 billion for the first 10 months of 2009.

Mohamed Meziane told the APS news agency that revenues in 2009 would be down from the US$76 billion the North African state enjoyed in 2008 due to the drop in price of oil and gas during the last 12 months.

"Revenues from hydrocarbons sold from January through to the end of October 2009 reached around $34.5 billion," Mohamed Meziane is quoted by APS as saying.

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Meziane has said in the past that 2008 was a freak occurrence and 2009’s figures are similar to those posted in 2007.