APS : Sunday, 25 March 2018
ORAN (Algeria)- Sonatrach’s CEO Abdelmoumene Ould Kadour disclosed Sunday that the oil group intends to purchase a refinery abroad.
“We have launched a project to consider buying a refinery abroad,” the manager of Sonatrach told APS, noting that the project is still in “the stage of negotiations,” without elaborating.
“The project will make it possible for us to make huge savings in oil refining, to refine our own oil products and maintain our dynamics of investment abroad.”
The plan is part of the group’s new strategy to develop its resources and process its own oil and gas by itself, instead of selling it crude.
In this respect, Ould Kaddour expects the completion of Sidi R’zine refinery of Algiers before the end of the year, stressing the importance of this investment in boosting national offer in refined products and in shrinking the bill of imports.
The CEO of Sonatrach also disclosed that the contract launching Hassi Messaoud’s refinery project will be signed in the next two or three months.
The invitation to tender is under way and the oil group has started receiving technical proposals, he added.
Mentioning the refinery of Tiaret, Ould Kaddour said the relevant provisions have not been launched yet, adding that a refinery project is a “heavy investment” costing between two and five billion dollars.