Middle East Economic Survey
Sonatrachs Annual Profit Falls 8% In 2008 Despite Oil Price Surge
Algerian state energy firm Sonatrach reported an 8% drop in its net income last year, despite the average oil price rising in 2008 to $99/B from $74/B in 2007. Sonatrachs net profits for 2008 amounted to AD594.3bn ($8.2bn), compared with AD643bn ($8.9bn) the previous year, while its investments in 2008 reached AD598bn ($8.3bn), up 32% from 2007. The 2008 financial report...