Algeria Sets Aside $80 Billion For Energy Investments

From Ventures

Algeria, Africa’s fourth largest oil producer, has revealed plans to invest $80 billion in its energy sector from 2012 to 2016, in order to meet growing energy demands.

The 5-year investment plan which is being executed through state-owned energy group Sonatrach, had a $10 billion budget for operations this year, with $15 billion penned for investments in the coming year, as disclosed by Sonatrach’s CEO, Abdelhamid Zerguine.

Early this year, Algeria’s insufficient 22 million tonnes of refined crude forced the government to approve a plan for importing another 2 million tonnes of gas oil and 300,000 tonnes of gasoline to meet demand from the growing number of vehicle owners in the country.

The Arab State now plans to build five new refineries with a total production capacity of 30 million tonnes per year in order to increase refining output to 52 million tonnes.

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