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FINANCIAL NEWS
Algeria’s Sonatrach to invest USD80b to boost oil, gas reserves
22 Apr 2013
(MENAFN) Algeria’s Sonatrach plans to invest UD80 billion during the coming 3 years to increase the country’s oil and gas reserves, reported Gulf News citing official and media reports.
Algeria, whose current refining capacity stands at 583 thousand barrels a day (kbd), aims at establishing between 4 and 5 refineries in the coming five years.
For that purpose, the North African country has already earmarked USD15 billion.
The country’s Skikda refinery has a refining capacity of more than 300 kbd, while the other refineries, located at Algiers, Arzew and the inland refinery at Hassi-Messaouad, have lesser capacities.
Boosting refining capacity will enable the country to meet its local needs until 2040 and develop petrochemical industries near the refineries, according to oil minister, Yousuf Yousfi.
It is worth noting that if Algeria couldn’t raise its current output of 1.2 million barrels a day (mbd) of crude oil, the country will not be able to export crude oil.
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