Algeria to build five new refineries to meet demand – minister
07 May 2012 02:57 [Source: ICIS news]
LONDON (ICIS)--?xml:namespace>Algeria plans to invest some $10bn (€7.6bn) to build five new refineries to meet rising domestic demand, the country’s energy minister said on Sunday.
The refineries will add some 30m tonnes/year to Algeria’s refining capacity, minister Youcef Yousfi said in a webcast interview on the country’s French-language state radio service.
He did not disclose precise timelines for the refineries’ expected construction or start-up.
Yousfi added that Algeria is in the process of addressing problems at its older refineries. In addition, the government is taking steps to increase storage capacities for refined fuels, he said.
The US Energy Information Administration said in a recent report that Algeria needs to increase its domestic refining capacity as rising demand for gasoline and diesel has resulted in increased imports of those fuels.
($1 = €0.76)By: Stefan Baumgarten+1 713 525 2653
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