Algeria, China sign 6-bln-usd pacts

Added On November 29, 2018

 Algeria and China have signed a series of cooperation documents equivalent to 6 billion U.S. dollars for a mega phosphate project in Algeria.

The deals were signed by CEO of Algerian energy giant Sonatrach Abdelmoumen Ould Kaddour and Chairman of CITIC Construction Chen Xiaojia in province of Tebessa, east Algeria on Monday. 
The ceremony was attended by Prime Minister Ahmed Ouyahia, in addition to prefects of four eastern provinces involved in the project.
It will enable Algeria to increase its phosphate output to 10 million tons a year, thus becoming the third largest phosphate reserves in the world.
Algeria will be the majority shareholder of the project, owning 51 percent of the business. China will own the remaining. 
Through this project, Algeria will be able to export fertilizer of about 2 billion dollars annually, while gradually increasing its phosphate and natural gas reserves.
The project may turn Algeria into the third largest exporter of fertilizer in the world.