ALGIERS: Algeria’s state energy firm is ready to supply Europe with more gas in view of a possible decline due to the Russian invasion of Ukraine, its CEO said Sunday.
Sonatrach CEO Toufik Hakkar said the firm was ready to pump additional gas to the EU from its surplus via the Transmed pipeline linking Algeria to Italy.
Sonatrach is “a reliable gas supplier for the European market and is willing to support its long term partners in the event of difficult situations,” Hakkar was quoted as saying in the daily Liberte.
Hakkar nonetheless said this would be contingent on the availability of a surplus of gas or liquified natural gas (LNG) once the national demand and “contractual engagements” are met.
He pointed to an “unused capacity” in the Transmed pipeline that could be used to “increase the supplies to the European market.”
The Transmed pipeline, jointly operated with Italy’s ENI, has a capacity of some 32 million cubic meters per year — four times that of the Medgaz pipeline to Spain.
The top executive added that Sonatrach could expand its supplies to countries not currently served by existing pipelines via LNG tankers.
Hakkar said Europe is the “natural market of choice” for Algerian gas, which accounts for about 11 percent of Europe’s gas imports.
Former Algerian energy minister Abdelmajid Attar meanwhile told AFP that “Algeria exports a maximum of 22 billion cubic meters (of gas) via the Transmed pipeline,” leaving a capacity of 10 billion cubic meters.
He nonetheless noted that Algeria alone will not be able to “compensate for the decline in Russian gas supply,” noting that it can offer a maximum of two or three million additional cubic meters.
Attar, who also previously served as Sonatrach’s CEO, added that LNG can also be transported via tankers, noting that existing liquefaction plants are only operating at 50-60 percent capacity.
The former minister said that in the medium term, “in four or five months, Algeria can send larger quantities,” however noting that the country must first “develop new reserves” of shale gas.
Sonatrach announced in January that it would invest $40 billion into oil exploration, production and refinement, as well as gas prospecting and extraction, between 2022 and 2026.
Algeria say ready to supply EU with extra gas amid Ukraine crisis
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Algeria say ready to supply EU with extra gas amid Ukraine crisis
- Hakkar said Europe is the “natural market of choice” for Algerian gas, which accounts for about 11 percent of Europe’s gas imports
Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production
RIYADH: Saudi mining and metals company Maaden has reported a 156 percent jump in its net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain.
The state-backed giant posted a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The firm’s revenue surged by 19 percent to SR38.58 billion, up from SR32.55 billion in 2024.
This comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.
In a statement on Tadawul, the company said: “Performance was led by record phosphate production, near record aluminum production, an increase in all three of Maaden’s main output commodity prices.”
The performance was also fueled by a 60 percent increase in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line growth to “higher commodity market prices for phosphate, aluminum and gold business units,” as well as increased sales volumes in its phosphate and aluminum segments. This was partially offset by slightly lower sales volume in the gold unit.
Maaden’s CEO, Bob Wilt, hailed 2025 as a transformative year for the company, marked by strategic growth and operational excellence. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said in a statement.
“This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across and a clear commitment to our role as a cornerstone of the Saudi economy,” Wilt added.
Profitability was further bolstered by an increased share of net profit from joint ventures and an associate. This included a one-off bargain purchase gain of SR768 million related to Maaden’s investment in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.
The fourth quarter of 2025 was strong, with Maaden swinging to a net profit of SR1.67 billion, compared to a loss of SR106 million in the same period of the prior year. Quarterly revenue rose 7 percent to SR10.64 billion.
The firm achieved record production of di-ammonium phosphate, reaching 6.72 million tonnes for the year, a 9 percent increase. Aluminum production remained near-record levels, while the company added a net 7.8 million ounces to its reportable gold mineral resources through discovery and resource development.
The phosphate division saw sales jump 17 percent to SR20.77 billion, with the earnings before interest, taxes, depreciation, and amortization margin expanding to 47 percent. The aluminum business reported a 9 percent increase in sales to SR10.99 billion, with EBITDA more than doubling in the fourth quarter.
Looking ahead, Wilt emphasized that the pace of growth will accelerate as the company advances key initiatives, including the Phosphate 3 Phase 1 and Ar Rjum projects, which remain on budget and schedule. Maaden has also secured a gas supply for its future Phosphate 4 project.
“This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline and unlock value,” Wilt added.
Earnings per share for the year rose sharply to SR1.91, up from SR0.78 in 2024. Total shareholders’ equity increased by 18.7 percent to SR61.59 billion.
