Caixin
Nov 27, 2018 08:10 PM
BUSINESS & TECH

Chinese Consortium Signs Up for $6 Billion Algeria Phosphate Project

A worker grasps a handful of phosphate granules at a storage facility in November 2016. Photo: VCG
A worker grasps a handful of phosphate granules at a storage facility in November 2016. Photo: VCG

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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