ALGIERS- Group Sonelgaz has invested over DZD588 billion in 2015, said Monday in Algiers CEO Noureddine Bouterfa.
However, he evoked the difficulties to find necessary funds to achieve its investment programme in the current financial condition.
"The year 2015 is characterized by several significant achievements, requiring investments of over DZD588 billion, despite the difficulties we encountered in mobilizing funding, which disrupted somewhat our programme," Bouterfa said at the Forum of El Moudjahid newspaper.
These capital expenditures are close to those of 2014 (DZD600 billion) which increased by 46% compared to 2013, the official added.
Bouterfa said these investments had helped commissioning additional production capacity of 1,222 MW, both in the Northern and Southern regions of the country.
"This has significantly contributed to reducing constraints weighing on the electrical system," he stressed.
Underlining that those investments are part of a plan for reinforcing the national electric system, which consists in doubling the national production capacities by 2018-2019, Bouterfa noted that to meet the country’s energy needs, the Group aims to set up an additional total capacity of 15,000 MW by 2019, the equivalent of the double of the current capacity.
In a bid to accompany the country’s economic and social development, Bouterfa announced the need for investing over DZD 5,000 billion within 2025.