ALGIERS, Sept. 15 (Xinhua) -- Algeria will cooperate with China in building a phosphate plant worth 6 billion U.S. dollars in the northeast region of Algeria, said Youcef Yousfi, Algerian minister for industry and mines, late on Friday.
This project aims at exploiting the rich high-quality phosphate resources in Algeria, which will be produced to fertilizers, ammonia, silicon and other materials used in various economic activities, Yousfi was quoted as saying by state-run radio Channel 1.
The project will be completed in partnership between two Algerian companies, namely the energy giant Sonatrach and state-run fertilizer manufacturer Semidal-Manal, and two Chinese companies including CITIC and Wengfu Group, the minister added.
He revealed that the project will spread on four areas, including the eastern province of Tebessa with an investment budget of 1.2 billion dollars, the eastern province of Souk Ahras with 2.2 billion dollars, the northeastern province of Skikda with 2.5 billion dollars, and the port of the northeastern province of Annaba with 200 million dollars.
He noted that, through the project, Algeria will be able to export 2 billion dollars of fertilizers annually to become one of the largest fertilizer exporters around the world.
China's share in this mega project is estimated at 49 percent, while the Algerian side will hold a majority 51 percent, based on investment law in Algeria.
The minister revealed that the shareholders will establish their consortium group during the last quarter of 2018, while the production is scheduled to start in 2022.