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Algeria Plans Six New Oil Refineries

Source: Reuters 4/15/2013, Location: Africa

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Algeria plans to double its oil refining capacity in the next five years by building 6 new refineries, Oil Minister Youcef Yousfi said on a visit to Britain.

The plan would raise refining capacity to 60 million tonnes per year. Five of the new plants will start construction at the end of this year, the minister said. Half of Algeria's current 30 million tonne refining output is used to supply the domestic market with fuel.

Algeria, an OPEC oil producer and a major gas exporter to Europe, plans to invest 100 billion dollars in upstream oil and gas exploration between now and 2020, Yousfi said.

Britain is eager to diversify its imports of liquefied natural gas with producer Algeria, keen for investment, a potential partner.

British Prime Minister David Cameron visited Algeria in January and promised to cooperate on security and intelligence following the attack by Islamic militants on the In Amenas gas facility.

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