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FINANCIAL NEWS
Algeria to attract 49 offers to build new refineries
22 Feb 2017
(MENAFN) A strategy energy firm Sonatrach source told Reuters that Algeria had attracted around 49 offers from international energy companies to build four refineries worth a total USD6b.
While Algeria is considering a petrochemicals partnership with the Saudi Arabia’s SABIC, details of which are expected to be unveiled shortly, the source told Reuters.
The source who asked to be not named said: “Our plan is to stop importing refined products by 2018,” and added: “Selling refined products rather than crude oil is a good way to boost revenues.”
Furthermore, oil and gas sales provide around 60% of state revenues for the OPEC producer, which produces an estimated 30 million tons of refined products per year.
MENAFN2202201700450000ID1095262636
MENAFN2202201700450000ID1095262636
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