Algeria and China sign contract to build petrochemical plant – Middle East Monitor

Algerian state-owned oil company Sonatrach announced on Thursday that it has signed a contract with a Chinese factory for the construction of a petrochemical plant in the state of Oran, worth 76 billion Algerian dinars ($542 million).

Sonatrach confirmed in a statement that the plant will produce methyl tert-butyl ether, which is added to fuel to improve its quality and obtain unleaded gasoline.

According to the press release, the National Bank of Algeria will finance 70% of the cost of the project, with an implementation period of 36 months, from June 2022 to June 2025. The plant will be located in the oil port of Arzew in Oran. , west of Algeria. .

The statement pointed out that the project will save Algeria $170 million per year on the value of imports and export surpluses through the oil port of Arzew, which is the largest in the country.

Algerian authorities have phased out the consumption of leaded gasoline in 2020 and generalized the use of unleaded gasoline at service stations across the country.

At the end of January, Sonatrach announced a complete halt to the country’s fuel imports for the first time in years.

READ: Saudi Arabia leads OPEC decision to suppress IEA data as US ties fray