15-05-08 Algeria announced $ 45 bn (EUR 29 bn) of investment in energy production, with ambitious targets for oil and gas output in less than two years.
Energy and mines minister Chakib Khelil said Algeria aims to produce 2 mm barrels of oil per day, and 85 bn cm (over 300 bn cf) of gas in 2010. It currently produces 1.4 bn barrels and 62 bn cmpd, with Khelil -- the sitting Organisation of the Petroleum Exporting Countries (OPEC) president -- adding that three new refineries are slated for construction.

Khelil indicated that the 13-member OPEC would raise its annual output by an extra 5 mm bpd by 2012, from its present 32 mm, roughly 60 % of world output. Algeria, Libya and Saudi Arabia are among the fastest-growing members of the cartel, Khelil stated.
The north African state's commerce minister Amar Boularak also said that his country is ripping up an existing trade deal with neighbour Tunisia. A new one which "better meets national interests" is being drawn up, with Boularak critical of what he called "protectionism" in Tunisia and in Morocco.

Boularak said free-trade deals were being concluded with four non-European Union nations -- Iceland, Norway and Switzerland -- and eight west African states -- Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Liechtenstein, Mali, Niger, Senegal and Togo.