Algerian energy minister, Dr, Chakib Khalil, has said that Sonatrach, the state-controlled energy company, is expected to invest US$63 billion for the next five years in a bid to increase its production capacity.
The company aims to increase its gas production capacity from the current level of 62 billion cubic metres to 100 billion cubic metres by 2015. The investment program also includes the expansion of the company’s pipeline network.
Other plans include the construction of two liquefied natural gas (LNG) plants and the development of the refineries and the installation of new petrochemical plants, said Khalil.
Sonatrach have based the financing of these projects on average on the oil price remaining between $40 and $50 per barrel.
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