Algeria : 6 billion dollars earmarked for Hassi Messaoud new city

The Algerian energy and mines minister Chakib Khelil has announced that a financial package of 6 billion dollars will be assigned for the construction project of the new city of Hassi Messaoud in southern Algeria .

He said that the state would not shoulder alone the financing of such a mega project.

Chakib Khelil indicated that several foreign oil firms in conjunction with the national hydrocarbons company would take part in the financing of the project which is expected to be carried through within a 76 month deadline.

He also announced that the Algerian government was now examining a request from the national gas and electricity company Sonelgaz for a hike, in three stages, of the price of electricity in the next few months to offset the company’s huge financial deficit.