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Algeria to Meet Domestic Gasoil Demand After Refinery Upgrades

May 6 (Bloomberg) -- Algeria will be able to meet domestic gasoil demand by 2014 after refinery upgrades slated to increase output by an additional 4 million metric tons, Energy Minister Youcef Yousfi said.

As well as aging refineries, the country is also grappling with insufficient fuel storage capacity, Yousfi said. “In some parts of the country, our capacity is limited to a few days of consumption,” he said in an interview on state radio. The government had earmarked 200 billion dinars ($2.69 billion) to help state-run oil firm Sonatrach boost storage to the equivalent of one month of consumption by 2020, he said.

Domestic fuel demand increased by almost 9 percent in 2011 compared with the previous year, largely due to an increase in the number of vehicles, he said.

Oil exports in the first quarter of 2012 amounted to $20 billion, Yousfi said.

To contact the reporter on this story: Saleh Slimani via Cairo at sslimani2@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden in Dubai at barden@bloomberg.net

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