President Bouteflika: “Algeria needs to step up investment and exploration in its energy sectorâ€
Algeria needs to “invest more … in the development of its hydrocarbon potential, intensifying research efforts and exploration, » President Abdelaziz Bouteflika said Monday in a statement quoted by the APS news agency.
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“Algeria needs to step up investment and exploration in its energy sector, the pillar of the North African country’s economy”, he added.
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The president called for the government to draft a “real action plan” on the development of renewable energy sources.
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“We must … mobilize domestic financing and encourage the entry of high level foreign partners to explore our large reserves of iron and phosphate, for example,” he asserted.
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Bouteflika also called for a “re-evaluation of petrochemical industry projects” in order to “create a downstream industry”, at a government meeting dedicated to energy and mining sectors.
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- Energy and Mines Minister Youcef Yousfi forecast growth in output of hydrocarbons thanks to an “effort to optimize the exploitation of deposits”.
- Algeria intends to invest 286 billion dollars in its energy sector according to its 2010-2014 energy sector plan.