Algerian giant to invest 80 bln USD on oil and gas projects

Algeria's energy giant Sonatrach will invest 80 billion U.S. dollars in oil and natural gas projects from 2012 to 2016, Chief Executive Official Abdelmadjid Zerguine said Sunday. Zerguine was quoted by the official APS news agency as saying the company has invested 10 billion dollars this year, and is expecting to invest 15 billion dollars next year. Algeria stands as Africa's fourth largest holder of crude reserves, according to official figures. The North African country seeks to boost its oil outputs by attracting foreign investors and partners. Algeria is also a key member of the Organization of Petroleum Exporting Countries with crude outputs hitting an average of 1.2 million barrels per day. Meanwhile, Zerguine specified that the state-run energy company is budgeting 14 billion out of the 80 billion dollars to build five large refineries, which will help Sonatrach increase its refining capacity from 27 million tonnes to 30 million tonnes per year.