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Zawya
a day ago
- Business
- Zawya
Algeria launches $7bln petrochemical, refining projects
Algeria has launched several petrochemical and refining projects worth nearly $7 billion to tap its oil and gas resources and maximise income, its oil minister has said. The projects in various parts of the North African Arab country will be carried out during 2025-2029, Mohammed Arkab told parliament on Thursday. 'An investment portfolio estimated at $7 billion has been allocated for the completion of several major industrial projects, as part of the implementation of the strategy aimed at increasing the conversion rate of hydrocarbons into value-added products from the current 32 percent to 50 percent by the end of the current five-year development plan,' he said, quoted by Elkhabar and other Algerian newspapers on Friday. The projects comprises the new Hassi Messaoud refinery, with a capacity of 5 million tonnes per year, which is scheduled to come online in late 2027. Another project is the Arzew naphtha cracker which will produce an additional 1.2 million tonnes of gasoline starting in March 2027. Arkab said the projects also include the Skikda fuel cracker project, which will be commissioned in January 2029 and produce 1.75 million tonnes of diesel and 250,000 tonnes of asphalt. In its Global Global Chemicals Outlook 2025 issued in December last year, Fitch Ratings said chemical margins will remain under pressure due to overcapacity and mounting geopolitical risks, despite modest volume improvements and lower energy and feedstock cost. (Writing by Nadim Kawach; Editing by Anoop Menon)
Zawya
20-05-2025
- Business
- Zawya
Algeria to open up mines to foreign investors
Algeria intends to copy Saudi Arabia in enforcing a new law that will open up its mining sector to foreign investors within reforms intended to ease reliance on volatile oil sales. Parliament in the North African OPEC oil and gas producer is expected to approve the new law in June after debating it during several sessions over the past weeks. Algerian Energy, Mines and Renewable Energy Minister Mohammed Arkab presented the final draft mining law to Parliament on Saturday, the official news agency reported. 'Arkab said during the session that the new law includes a set of procedures and incentives enforced in several countries with the aim of attracting foreign investment to the mining sector in Algeria," the agency said on Sunday. It said parliament would hold another session on June 16 to vote for the new law, which is part of a drive to lure foreign capital into the mining and hydrocarbon industry. (Writing by Nadim Kawach; Editing by Anoop Menon) (
