Algeria plans to build three greenfield oil refineries during 2015-19 and has also signaled its intention to complete six new petrochemicals plants in 2020. These downstream projects will be funded as part of Sonatrach’s $90bn 2015-19 oil and gas sector development plan.

Somewhat confusingly, given that interim Sonatrach chief executive Said Sahnoun told an industry summit in Algiers last week that the investment plan “will not be affected” by the recent plunge in oil prices, the five-year plan was touted as being worth $100bn when originally approved earlier this year (MEES, 25 July). (The Algerian dinar has lost around 10% of its value against the greenback since March, so to give him the benefit of the doubt, perhaps Mr Sahnoun was thinking in dinar terms.) Mr Sahoun also said the plan “has been designed with a price of $70/B” – a level below which the main benchmark crudes have fallen in recent weeks. (CONTINUED - 930 WORDS)