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CITIC Construction Signs Cooperation Agreement on Integrated Project for Algerian Phosphate Exploitation

Post on:2018-11-29Source:Algeria Division

The signing ceremony of the cooperation agreement on an integrated project for Algerian phosphate exploitation was held on November 26th, 2018 in the phosphate mining area of Tebessa, southeast Algeria. Algerian Prime Minister Ahmed Ouyahia attended the signing ceremony. Chen Xiaojia, Chairman of CITIC Construction, and Abdelmoumene Ould Kaddour, CEO of the Algerian petroleum company Sonatrach, signed the agreement on behalf of China and Algeria.

This project is Algeria’s largest industrial project in the last decade. After the project is put into operation, it will promote the development of eastern Algeria, enhance the country’s overall economic strength and help diversify foreign exchange earnings, Prime Minister Ouyahia said.

The signing of the agreement on the integrated project for phosphate exploitation is a major event in the economic and trade relations between China and Algeria, as well as a milestone in the production capacity cooperation between the two countries under the principle of extensive consultation, joint contribution and shared benefits.

The integrated project consists of concentrating mill, acid plant, fertilizer factory, container terminal operation system and corresponding supporting infrastructure, with a total investment of over 10 billion US dollars. The implementation of the project, as an important decision of the Algerian government, plays a significant role in improving Algeria’s industrial layout, increasing employment opportunities and driving the economic development of the whole country.

The signing ceremony was attended by Minister of the Interior, Minister of Industry and Energy, Minister of Energy, local government officials of the province and city where the project is located, leaders of large enterprises, as well as He Hongyan, Charge d'Affaires ad of the Chinese Embassy in Algeria, and Zhao Dongliang, Commercial Counselor of the Embassy.

Tao Yang, President of CITIC Construction, Zhao Yong and Liu Jie, Assistant Presidents of CITIC Construction, attended the above activities.