Minister of Energy and Mines Youçef Yousfi : “Algerian government's measures to stop abuses and boost industry regarding FDI”
Algerian government's measures regarding foreign direct investment (FDI) aim to stop the abuses committed in the field and give a fresh impetus to national industry, Energy and Mines Minister Youcef Yousfi said in Montreal.
- The minister made the statement at a meeting held by Algerian-Canadian business association Alliance, attended by CEOs and representatives of the forty biggest companies in Canada and Quebec.
- “The measures have been taken for two reasons: to stop the abuses committed while running the business, and to boost national industry development, and we will stay the course for these two objectives,” Yousfi asserted.
- Previously, Energy and Mines Minister Youçef Yousfi said Algeria wants to condition the opening of its oil and gas fields to foreign companies through the transfer of technologies.
- “In the future, it will be a priority for all sectors. We will work with partners to help us make our equipment in Algeria, particularly in oil and gas industry”, Yousfi told APS following its meeting with business community in Quebec on Monday, September 13, 2010.
- So far, Algeria did not require transfer of know-how in exchange for contracts for the exploration and production of hydrocarbons. The minister wants to break with this method. It comprises part of the Algerian Diaspora in Canada in order to achieve this goal.
- “I gave a number of messages to the community to become more involved in the process of manufacturing facilities in Algeria by participating in the oil industry including mining and it has an important know-how”, he added.
- Algeria wants most to require companies to invest in oil services and manufacture equipments and spare parts for gas installations. Currently, these products are imported.
- “There is need for a stronger partnership in the industrial field, a partnership for manufacturing equipment and technology transfer and not a vendor-buyer partnership”, he asserted.
- Sonatrach will also involve Algerian companies in manufacturing equipment for the oil and gas industry.