TotalFinaElf may invest $1 billion in Algeria, following Chirac’s historic visit
The landmark trip of French President Jacques Chirac to ex-colony Algeria seems already to be bearing fruit. On the heels of the visit, the spokesperson for oil major TotalFinaElf confirmed that the French company is looking into the possibility of investing up to one billion dollars in various oil and gas projects in the North African country over the next years.
Chirac was accompanied in Algeria by a high-profile delegation of executives of two-dozen French corporate giants, including TotalFinaElf, Alstom, Airbus and Michelin. The three-day state visit is the first since 1962, when Algeria won its independence after an eight-year war. These days, France is Algeria's largest trading partner.
TotalFinaElf already has substantial operations in Algeria. The company operates two fields there and holds two exploration permits, for the Rhourde Es Sid and Timimoun fields. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
- TotalFinaElf Oil invests $12 billion in Middle East
- Spain's CEPSA enters long-term gas deal with Algeria’s Sonatrach
- Air Lib first French carrier to fly to Algeria in seven years
- International oil consortium to explore Algeria’s Berkine Basin
- Is Algeria rich or not? French Ambassador takes Algeria's side