Algeria to invest US$10 bln in petrochemicals next year

Algeria plans to invest an estimated US$10 billion in 2008 towards development of its petrochemical industry.Last July, Algeria embarked upon the first of its six petrochemical projects, when it awarded a contract to France's Total SA to build and operate a steam cracking complex to produce 1.4 mln tpa of ethane, in partnership with Algerian state energy firm Sonatrach. The investment outlay for the project that will also produce polythylene, ethylene glycol and other petrochemicals, is over US$3 bln. The plant will be financed 49% by Sonatrach and 51% by Total.