Algeria attracts 49 offers to build 4 new refineries

 20 Feb 2017 - 22:39

AFP

Algiers: Algeria has attracted 49 offers from international energy companies to build four refineries worth a total $6bn, a state energy firm Sonatrach source told Reuters yesterday.
Algeria is also considering a petrochemicals partnership with the Saudi Arabia's SABIC, details of which are expected to be unveiled shortly, the source told Reuters.
Sonatrach has already increased its refining capacity in the past few years by renovating three plants including the Skikda, Arzew, and Algiers refineries and is trying to raise revenues after the crash in oil prices cut its energy earnings by half.
Oil and gas sales provide about 60 percent of state revenues for the Opec producer, which produces an estimated 30 million tonnes of refined products per year.
"Our plan is to stop importing refined products by 2018," said the source, who asked not to be named. "Selling refined products rather than crude oil is a good way to boost revenues."
Skikda, Algeria's biggest refinery, produces 17 million tonnes of refined oil products per year.