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Algeria Press Service

Current exchange rate Algerian Dinar|23/04/2017

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29/04/2017 20:24

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MEDEA-Energy Minister Noureddine Boutara highlighted Thursday in Medea the need to “start converting our resources to hydrocarbon” and “further develop petrochemical industry” in Algeria with a view to decreasing the impact of fluctuations witnessed by international markets.  

Petrochemical industry « will be one of the focus points of the hydrocarbon valorization policy advocated by the Government,” stressed the minister on the sidelines of his inspection visit to the province, stating that this option “will continue to absorb the impact of the fall in oil prices.”

The instability that characterizes the oil market since several months, coupled with the low price of gas on international markets, are “indicators that push us to better valorize the country’s hydrocarbon resources,” explained the minister.

 “We should convert our resources in Algeria instead of undergoing oil market fluctuations,” he said. 

Published in ECONOMY

ALGIERS- The achievement of the projects identified as par of the national programme for the development of petrochemical industry requires investments exceeding US$ 20 billion, announced Monday Minister of Energy and Mining Youcef Yousfi.

"Over US$20 billion are needed for the achievement of projects already identified as part of the programme," said Yousfi in an interview with APS on the occasion of the 43rd anniversary of the hydrocarbon nationalization.

The programme, which will be achieved in partnership with foreign companies for the transfer of technology and know-how "will offer a genuine opportunity for not only develop an important area of our economy but also reduce imports and enter the international market," he explained.

Algeria's production capacity of the liquefied natural gas (LNG) will increase to 12 billion cubic metres per year after the recent restart of the liquefaction train of Skikda plant, which has a capacity of 6 billion cubic metres per year, in addition to the commissioning of a unit with teh same production capacity, announced Yousfi.

Published in ECONOMY