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FINANCIAL NEWS
Algeria’s Sonatrch to spend USD2.53b to boost refined products storage
26 Dec 2012
(MENAFN) Algeria’s state-owned oil and gas firm Sonatrach has unveiled plans to invest USD2.5 billion in expanding petroleum products storage capacity, Malaysia news agency Bernama reported.
According to CEO Abdelhamid Zerguine, the programme had been adopted by the state to meet the growing demand for refined petroleum products, including fuels, and provide greater storage capacity for outputs of integrated plants in large capacity refineries.
He added that the planned investment would boost Algeria’s strategic storage capacity for refined petroleum products from seven to 30 days.
Sonatrach will increase the capacity of refined products storage and distribution in the four refineries expected to be completed over the next five years.
Storage depots will be achieved in Ain Kermes, near the five-million tonnes capacity in Tiaret, and will have a capacity of 300,000 tonnes.
The storage facility aims to meet demands of the country’s western region, which faces cyclical disturbances in fuel supplies.
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