Sonatrach blames $12bn profits drop on oil price

CEO Mohamed Meziane says $19.9bn first half profits similar to 2007

CEO of Sonatrach, Mohamed Meziane.
CEO of Sonatrach, Mohamed Meziane.

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The CEO of Algerian hydrocarbons giant Sonatrach has announced that the company has seen it’s half year profits drop by US$12.1 billion compared to the corresponding period of 2008.

Mohamed Meziane said that the company made profits of $19.9 billion on its oil and gas revenues in the first six months of 2009 compared to $32 billion last year.

Meziane blamed the massive drop in oil prices for the fall. Since it’s peak at over $147 in July of last year oil droipped to less than $40 a barrel at the start of the year.

"It is not much different from the first half of 2007, which remains the best point of reference, at $21 billion," news agency AFP quoted Meziane as saying.
 

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