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Algeria's Sonatrach Q1 Earnings Up 30 Percent

Source: Reuters 4/12/2010, Location: Africa

Algerian state energy group Sonatrach's earnings from oil and gas exports rose more than 30 percent in the first three months of 2010, official news agency APS reported.

Earnings reached around $14 billion in the first quarter of this year, it said, citing a statement from the energy and mines ministry, up from $10.7 billion in the same period last year.

Sonatrach earned a total of $43 billion in 2009, down from $76 billion in the previous year. Algeria is the world's fourth largest exporter of natural gas and the eighth biggest exporter of crude.

The increase in earnings tracked the recovery in world oil prices, which rose from a low of about $45 a barrel at the end of 2008 to inch above $85 in trading.

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