Seven billion dollar ‘phosphate’ deal sealed between Algeria, China

Algeria and China have reached a seven-billion-dollar agreement for Chinese companies to extract phosphates from the North African country.

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According to a written statement from Algeria’s national oil company Sonatrach, an agreement was reached with two companies from China to extract phosphate in the Tibessa region in the east of the country.

In the statement, it was expressed that the investment has a budget of seven billion dollars and that fertilizer will be produced from the extracted phosphate.

In the statement, it was further said that with the project, 12,000 people will be employed in Algeria, and there will be permanent employment opportunities for 6,000 of them, and it was emphasized that indirect employment will be created for 24,000 people.

Toufik Hakkar, General Manager of Sonatrach, the Algerian national oil company, drew attention to the fact that Algeria will become one of the largest fertilizer producers in the world with the project in question at the signing ceremony of the agreement.

An agreement of six billion dollars was signed between Algeria and China on phosphate production in 2018.

Algerian Foreign Minister Ramtane Lamamra paid an official visit to China between March 19 and March 21.

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