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FINANCIAL NEWS
Algeria’s Sonatrach to boost refining capacity
25 Feb 2010
(MENAFN) The interim Chief Executive Officer at Algerian state energy firm Sonatrach said that the company plans to increase its refining capacity to 40 million tons a year by 2016 from 26 million tons now, Reuters reported
Algeria, which is the world’s eighth biggest exporter of crude oil and supplies about 20 percent of Europe’s gas needs, has five major refineries. New projects include the construction of a refinery at Tiaret, south-west of the Algerian capital.
Energy and Mines Minister Chakib Khelil, speaking in a separate radio interview, vowed to take steps to avoid similar cases at Sonatrach in the future.
Khelil said he believed OPEC would keep its output ceiling unchanged at its meeting in Vienna next month because the group’s members were happy with oil prices.
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