FINANCIAL NEWS

Algeria’s Sonatrach to spend USD80b on oil, natural gas projects

05 Nov 2012

(MENAFN) Sonatrach’s CEO, Abdelmadjid Zerguine, announced that from 2012-2016, the Algerian firm would spend USD80 billion on oil and natural gas investments, reported Xinhua News.

Zerguine added that Sonatrach is allocating USD14 billion out of the USD80 billion to set up 5 large refineries that would aid the company in boosting its refining capacity to 30 million tons a year from 27 million tons.

He said that the state-run energy firm would invest USD15 billion in oil and natural gas projects in 2013, whereas in the current year, it has invested USD10 billion so far.

It is worth noting that Algeria, which is a key member of the Organization of Petroleum Exporting Countries (OPEC), is Africa’s fourth largest holder of crude reserves, with its crude production reaching an average of 1.2 million barrels on daily basis.

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