Algeria plans to double its refining capacity in the next five years to meet growing domestic demand and expand its petrochemical industry, Energy Minister Youcef Yousfi said Tuesday.

"The current refining capacity in Algeria stands at around 700,000 barrels per day, which will double in the next five years through completing six new refineries," Mr. Yousfi said, according to the official Algerie Presse Service.

"The increase in refining capacity will allow Algeria to meet its domestic needs until 2040 and develop petrochemical industries near the refineries," he added.

Algeria , a member of the Organization of the Petroleum Exporting Countries and holder of Africa 's fourth-largest crude reserves, produced 1.16 million barrels of oil a day last month, the same as in February, according to a survey conducted by Dow Jones Newswires.

Algeria 's state-run energy group, Sonatrach, previously said it plans to invest $80 billion in oil and natural gas projects until 2016 as it seeks to expand the gas resource base, boost refining and petrochemical capacity and curb the country's reliance on imported fuel.
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