Algeria has announced plans to increase its investment in the natural gas and petrochemical sectors to US$80 billion over the next five years
According to Oilprice.com, the figure represents an increase of $12 billion on the original five-year investment projection, which will be spent by Algeria's state energy company Sonatrach.
Sonatrach chief executive officer Abdelhamid Zerguine said, “The increase in the investment is mainly focused on the upstream sector to increase refinery capacity and the petrochemical base.”
The Algerian government has said it hoped the funds would help the country develop its large shale gas reserves, which have been estimated to amount to 600 trillion cubic feet of recoverable reserves.
Sonatrach will also invest in a petrochemical refinery to help reduce the country’s demand for imported refined goods.
