BY: Hana Saada
ALGIERS- The CEO of Sonatrach, Toufik Hakkar, embarked on a working visit to China from May 15 to 18, accompanied by a delegation of executives from the oil group and its subsidiary Asmidal, as well as the Algérie des Mines company. The purpose of the visit was to further develop the integrated phosphate project, which is being overseen by the Algerian-Chinese Fertilizer Company ACFC, established on March 22, 2022, between the Algerian complexes Asmidal and Algérie Mines and the two Chinese companies “Wuhuan” and “Tianan”.
The project aims to exploit the phosphate mine in the region of Jebel El Ank, in the wilaya of Tébessa, and transform phosphates and natural gas into phosphate and nitrogenous fertilizers, as well as chemicals in Oued Keberit, in the wilaya of Souk Ahras. During the visit, the Algerian delegation met with officials from CNCEC, the exclusive owner of the company Wuhuan, which specializes in chemical industries and the fertilizer industry for the conversion of fertilizers.
The two parties discussed the modalities of financing the joint project, with meetings planned with a group of banks interested in financing the project and investment and export credit insurance institutions that have expressed their willingness to contribute to the financing of this strategic project. The visit also provided an opportunity for the CEO of Sonatrach to hold discussions with companies with which Sonatrach maintains partnership and cooperation relations, including CNPC, which operates in Algeria through its subsidiaries HQC and KunLun Digital, Huawei, and Powerchina.
Discussions were initiated on investment and cooperation opportunities in the fields of hydrocarbons, renewable energies, the digital transition, and new technologies used in the field of exploration and production of hydrocarbons. This visit marks an important step in the development of the integrated phosphate project and the strengthening of partnerships between Algeria and China.
