Algerian firm to build $7b aluminum plant

Tuesday 7 December 2010
Kingsley Kobo, AfricaNews reporter in Abidjan, Ivory Coast

Algeria's largest private company Cevital is set to build a $7 billion aluminum plant with annual capacity of 1.5 million tonnes, Reuters said on Monday.

According to Cevital CEO Issad Rebrab, the project will be part of the firm's expansion strategy in Algeria which is trying to develop domestic industry and reduce its reliance on oil and gas exports.

Rebrab added that his company had submitted details of the project to the authorities, and awaiting authorization from the government.

Cevital has investments in sectors ranging from sugar refining and car imports to vegetable oil and hypermarkets. Rebrab said the firm also has plans to build a $3.8 billion steel complex and to double its sugar exports to 1 million tonnes.

Metals companies are looking to Algeria because of its good infrastructure, abundant energy resources and proximity to European markets but some investors say its business climate is challenging.

Source: AfricaNews.
Link: http://www.africanews.com/site/list_message/32192.