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New Refinery in Algeria to reduce Imports

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The vast majority of oil in Algeria is pumped for export to other countries. But Algeria is one of several major crude exporters in the position of needing to import refined oil products to satisfy its own domestic demand.

Dependence on imports of oil products, and a reduction in crude exports, has eaten into its foreign currency reserves, which have fallen to the lowest in more than a decade at around $30 billion recently.