By SUMMER SAID
DUBAI -- Algeria plans to double its refining capacity in
the next five years to meet growing domestic demand and expand
its petrochemical industry, Energy
Minister Youcef Yousfi said Tuesday.
"The current refining capacity in Algeria stands
at around 700,000 barrels per day, which will double in the
next five years through completing six new refineries," Mr.
Yousfi said, according to the official Algerie Presse
"The increase in refining capacity will allow Algeria
to meet its domestic needs until 2040 and develop petrochemical industries near the
refineries," he added.
Algeria, a member of the Organization of the Petroleum
Exporting Countries and holder of Africa's fourth-largest crude
reserves, produced 1.16 million bpd of oil last month, the same
as in February, according to a survey conducted by Dow
Algeria's state-run energy group, Sonatrach, previously said
it plans to invest $80 billion in oil and natural
gas projects until 2016 as it seeks to
expand the gas resource base, boost refining and petrochemical capacity and curb the
country's reliance on imported fuel.
Dow Jones Newswires