Algeria intends to invest 22 billion dollars

An Algerian diplomatic source participating in the group of 15 summit in Egypt confirmed that Algeria intends to invest $22 billion for developing petroleum and gas industries and that Algeria seeks to share the foreign investment in that project, which will be the basis of its economy during five years between 1998 - 2002.

The source told ArabicNews.com that Algeria intends to privatize $2.5 billion to develop the petrochemical sector during the same five years, confirming that this investment has priority.

The source stated that energy officials in Algeria will launch advertising campaigns in the U.S., Canada, South Africa and some Arab and Asian countries to confirm that the Algerian government wants foreign companies to invest in it.

Algeria has ratified contracts with more than 40 foreign companies since 1986, and it is exerting efforts to attract more investors in the petroleum industry.

The petroleum industry is the basis of Algeria's economy, and exports reached $14.14 billion in 1997 while they were $13.37 billion in 1996.