Sonelgaz-GE: A $1B Twenty-Year Agreement To Manufacture Power Spare Parts, Turbines

Sonelgaz group and its American counterpart General Electric signed, on Tuesday, a cooperation agreement worth $ 990 million over the next twenty years, aiming to enable the Algerian company to manufacture power parts and turbines that Algeria needs in this field.

Energy Minister, Mohamed Arkab, said the agreement is important because it serves industrial development and contributes to eliminating foreign dependency and exporting part of it later to African markets.

He explained that the sector’s strategy aims to develop the local industry and create new jobs.

For his part, the Vice President and General Manager of General Electric group asserted that this cooperation will develop Algerian industry and will help the creation of jobs for young Algerians to undertake the first adventure in industrial development to demonstrate Algeria’s abilities in manufacturing power spare parts.

The contract represents the first step with a value of $ 7 million, and contracts will continue to reach one billion dollars in 20 years to supply the global market with industrial products that are manufactured and designed with Algerian hands.

While the President, General Manager of the Sonlgaz group, Chaher Boulakhras, confirmed that exporting spare parts abroad in the next twenty years’ prospects will bring about one billion dollars to the public treasury.