Egypt's Suez Canal Authority seeks African market expansion with Namibia port deal    Egypt to launch unified digital business platform to streamline procedures, cut timelines: El-Khatib    TMG expands Celia development with new commercial and entertainment hub    Egypt explores opportunities to expand sustainable environmental investment in natural reserves    Egypt reviews development projects with IsDB delegation    UK offers tax breaks to lure Egyptian firms to London bourse – ambassador    Egypt advances strategy to reduce public, external debt    Gaza death toll climbs as winter cold intensifies humanitarian emergency    Egypt, China discuss sustainable Gaza ceasefire and Sudan truce    GENNVAX launches largest regional vaccine manufacturing facility with $150m investment    Health Minister Discusses radiology upgrade with Curagita, ACH    Central Bank of Egypt, Medical Emergencies, Genetic and Rare Diseases Fund renew deal for 3 years    Egypt, Saudi FMs discuss Gaza, Sudan and preparations for Supreme Coordination Council    Egypt's SPNEX Satellite successfully enters orbit    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Algeria to invest $80 billion in refining and petrochemicals over 5 years
Planned investment in oil and gas is $12bn more than previously announced by North African producer
Reuters Published in Ahram Online on 06 - 06 - 2012

Algerian state energy company Sonatrach plans to increase its investment to $80 billion over the next five years as the OPEC member country seeks to expand its gas resource base and boost its refining and petrochemical capacity.
The planned investment is $12 billion more than previously announced by the North African producer, which is a significant supplier of natural gas to Europe.
"The increase in the investment is mainly focused on the upstream (sector) to increase its refinery capacity and petrochemical base," Sonatrach CEO Abdelhamid Zerguine told a gas industry conference on Wednesday.
Algeria needs to import large quantities of refined fuel products such as gasoline and gasoil due to insufficient refining capacity, while domestic demand is growing.
In 2011, Sonatrach purchased around 1.3 million tonnes of fuels.
Zerguine said some of the $80 billion investment would be used to build new refineries, but he gave not details.
He also said Algeria has huge shale gas reserves. A preliminary study shows that Algeria has an estimated 600 trillion cubic feet of recoverable shale gas reserves, he said, without giving details.
Algeria currently produces 1.2 million barrels of crude a day, Zerguine added.
"We are producing up to the level of the OPEC quota," he said, referring to the quota set by the Organization of the Petroleum Exporting Countries.

Clic here to read the story from its source.