Algeria, April 7, 2018

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Algeria–Saudi Arabia: A Step To Reorganize Oil Market

Algerian businessmen from various enterprises organizations and representatives of the Algerian-Saudi Business Council will fly to Riyadh from April 16 to 18, to participate in the 11th session of the Business Council of the two countries, through which they will evaluate the partnership agreements that were signed last year, and discuss new deals and negotiations for Saudi investments, reaching up to $10 billion in 10 years, in addition to devoting the idea of ​​”correcting” the situation of the oil market, which is still living on the impact of the low price since 2014.

In accordance with a statement that was issued by the Algerian Chamber of Commerce and Industry, which was reviewed by Echorouk, and in implementation of the recommendations of the 12th Algerian-Saudi Joint Committee that was held in February 2017 in Algiers, the Algerian Chamber of Commerce and Industry organizes a delegation of the members of the Algerian-Saudi Business Council to visit Riyadh, Saudi Arabia to participate in the 11th session of the Algerian-Saudi Business Council during the period from April 16 to 18, 2018.

The meeting, which will be held on the sidelines of the 13th Algerian-Saudi Joint Committee, will follow up on the progress of the partnership files that were signed during the tenth session of the Algerian-Saudi Business Council and will initiate new activities and proposals that will strengthen the economic and trade relationships between Algeria and the Kingdom of Saudi Arabia.

Saudi Arabia has asked the Algerian authorities last year to allow them to finance projects of Air Algerie company and other sectors. However, the specificity of the Algerian law and its lack of foreign funding prevented it, and it was agreed during the meeting on a fruitful partnership and strong relations between Algeria and Saudi Arabia, through reevaluating what was reached upon in the conventions of October 2016, and a joint venture between Algeria’s Sonatrach and Saudi Arabia’s SABIC Oil Refining and Production Company, and the $ 15 billion Fertilizer Partnership Project, as there was talk about relaunching several projects that were frozen, such as Almarai project, a dairy and cattle-breeding company, and officials in both countries announced a year ago the technical and economic reassessment of the deal and talk of its revival soon.

During the year 2017, Algerian and Saudi companies signed 8 agreements of understanding and economic partnership relating to several fields of investment related to phosphate manufacturing industries, production of natural fertilizers and paper, management of medical contents, hotel services and maintenance, as three agreements were signed between the Saudi holding company Radiola and the Algerian company Asmidal Algeria which is part of the Algerian Industrial Mines Complex, to develop the sector of mines, as the first convention is related to the phosphate manufacturing industries and the second agreement for the production of phosphate fertilizers in the areas of Wad Kibrit and Hadjar Soud, and a third agreement for the conversion of natural gas for the production of natural fertilizers.

echoroukonline



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