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Share Price: 509.40
Bid: 510.30
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Change: -11.00 (-2.11%)
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Open: 520.00
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Algeria Tiguentourine gas plant back at capacity before year's end - Sonatrach

Sun, 13th Nov 2016 13:14

ALGIERS, Nov 13 (Reuters) - Algeria's Tiguentourine gasplant will resume full production with the start of its thirdtrain before the end of the year after a deadly militant attackin 2013, state energy firm Sonatrach said in a statement.

It also said production from the CAFC perimeter at theMenzel Ledjmet field, operated jointly by Sonatrach and Italy'sEni, will be an estimated 10,000 barrels per day.

The third train at the Tiguentourine gas plant will comeonline later this month or in December to produce 6 millioncubic metres per day, Sonatrach said in the statement late onSaturday.

Current production at the plant, operated by Sonatrach, BP and Statoil, is estimated at 16 million cubicmetres.

In January 2013, 40 mostly foreign contractors were killedwhen al Qaeda militants attacked the plant and took dozens ofworkers hostage. The facility was key for Algeria, a major gassupplier for Europe.

Algeria is increasing oil and gas production after years ofstagnation because of a failure to draw in foreign energyinvestors who have been nervous over the North African OPECmember's operating conditions.

Crude oil output rose 8 percent in the first 10 months of2016 compared to the same period last year, the Sonatrachstatement said.

Oil output is set to reach 69 million tonnes of oilequivalent in 2016, against 67 million tonnes in 2015, while gasproduction will rise to 132.2 billion cubic metres (bcm) from128.3 bcm in 2015. (Reporting by Hamid Ould Ahmed; Editing by Andrew Bolton)

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Johnson Matthey and BP win deal for US sustainable aviation fuel plant

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Slide in defence stocks knocks down Europe's STOXX 600

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London close: Stocks slip ahead of ECB, US inflation print

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LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

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TOP NEWS: BP predicts upstream production will rise in first quarter

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LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

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BP expects rise in first-quarter upstream energy output

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LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

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BP sees higher Q1 upstream production

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LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

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