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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Algerian, Chinese Firms Announce Phosphate Mega-deal

Algeria Sonatrach
A man walks on a pavement in Algiers, Algeria, December 17, 2020. REUTERS/Abdelaziz Boumzar

Four Algerian and Chinese firms announced a nearly $7 billion deal on Tuesday to relaunch a phosphate mining project set to produce millions of tons of fertilizer annually, AFP reported.

Under the new deal, Algeria's Asmidal, a subsidiary of state oil firm Sonatrach, and mining firm Manal agreed with Chinese firms Wuhuan Engineering and Tian'An to create the Algerian Chinese Fertilizers Company, the firms said in a joint statement.

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