Algeria plans to invest more than US$10 bln in 2008 towards development of its petrochemical industry.
Last July, Algeria awarded a contract to France's Total SA to build and operate a 1.4 mln tpa of ethane steam cracking complex. This is the first of six petrochemical projects Algeria has launched. The project is worth over US$3 bln and the plant, to be built in the town of Arzew in partnership with Algerian state energy firm Sonatrach, will also produce polythylene, ethylene glycol and other petrochemicals. 49% of the project will be financed by Sonatrach and 51% by Total.