São Paulo – Sonatrach, the Algerian energy company, plans to invest US$ 80 billion over the next five years to expand its gas resource base and increase its petrochemical and refining capacity. This information was disclosed by Arab newspaper Asharq Alawsat, headquartered in London.
The value exceeds the volume previously announced by Algeria by US$ 12 billion. The country is an important oil supplier to Brazil and an important natural gas supplier to Europe. However, Algeria needs to import great volumes of refined fuels, like petrol and diesel oil, due to insufficient refining capacity and to growing domestic demand.
Some of the US$ 80 billion should be used in the construction of new refineries. In 2011, Sonatrach bought around 1.3 million tonnes of fuels. Currently, Algeria produces 1.2 million barrels of crude oil a day.
*Translated by Mark Ament
