Chinese Consortium Signs Up for $6 Billion Algeria Phosphate Project
A consortium of Chinese state-owned enterprises have signed an agreement with their Algerian state-owned peers to invest $6 billion in transforming the North African nation into a phosphate exporting powerhouse while China moves up the value chain and shifts phosphate production abroad.
The chairmen of China’s CITIC Construction Co. Ltd. and Algerian energy giant Sonatrach SPA signed a cooperation agreement to develop a “mega-integrated” phosphate project in eastern Algeria near the Tunisian border at a signing ceremony attended by Algeria’s Prime Minister Ahmed Ouyahia on Monday, Algerian (link in French) and Chinese state media reported.
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