Gulf Oil and Gas accountACCOUNT

Algeria's Sonatrach Says No Plans to Buy More Foreign Refineries

Source: Reuters 5/23/2018, Location: Europe

Share |
Algerian state energy firm Sonatrach has no plans to buy another foreign refinery after purchasing the Augusta refinery in Italy, Chief Executive Abdelmoumen Ould Kaddour said on Wednesday.

“For now it is not our plan to buy another one overseas,” Kaddour told reporters, adding that the capacity of Augusta along with Sonatrach’s Algiers and planned Hassi Messaoud refineries would enable Algeria to cover its needs.

Sonatrach bought 175,000 barrel-per-day Augusta refinery in Sicily from ExxonMobil this month, the companies said.

Algeria, an OPEC member that exports oil and gas but has limited refining capacity, imported $16 billion in fuel products from 2011 to 2017, Sonatrach said in a presentation on its Augusta purchase.

“We import a lot of naphtha and fuel products,” said Mazighi Ahmed, a Sonatrach executive. “Its an astronomic bill.”

Sonatrach also said Algeria’s energy exports rose to $9.8 billion in the first quarter after $8.4 billion a year earlier as higher oil prices offset a stagnant crude production.

The North African country’s oil and gas production was 49.6 million tonnes of oil equivalent in the first three months versus 50 million tonnes in the same period last year, Sonatrach officials said in a presentation.

Gas output was up 1 percent in the first three months, it said.

Kaddour said he hoped ExxonMobil would become a partner in Algeria’s energy industry, without elaborating.

Acquisitions and Divestitures News in Italy >>

Indonesia >>  10/22/2018 - Indonesia has awarded two oil and gas blocks of six auctioned by the government, deputy energy minister Arcandra Tahar told reporters on Monday. ...
Oman >>  10/21/2018 - Malaysia’s Petroliam Nasional Berhad (Petronas) said its subsidiary would buy a 10 percent stake in Oman’s Al Khazzan gas field, following a bidding e...

Mexico >>  10/19/2018 - Petrofac Limited has completed the sale of 49% of the Company's operations in Mexico to Perenco (Oil & Gas) International Limited, following approval ...
New Zealand >>  10/19/2018 - Melbana Energy Limited provides the following update on the divestment of its 30% interest in its non-core New Zealand Permit PEP51153 (“Permit”). ...

Egypt >>  10/18/2018 - SDX Energy Inc., the North Africa focused oil and gas company, announces that, further to the announcement made on 20 September 2018, discussions rega...
Norway >>  10/18/2018 - Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf (NCS) for...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Italy Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Italy >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.