India to initiate a joint venture arrangement with Algeria for a multi-billion dollar fertilizer plant located in the North African country seemed to have moved to the front burner following a meeting between Algerian Minister for Industry and Mining and the Indian Minister of State for Chemicals and Fertilizers Mansukh L. Mandavia.
- India, which has up to 96 per cent phosphate dependency, with the volumes running to some six million tonnes a year, is seeking a 49 per cent share in an Algerian block that has a capacity of six billion tonnes with 26 per cent to 50 per cent phosphate content.
- For India, such a project will have major favourable food security implications and could ease the fertilizer subsidy burden as well.
- India currently imports raw phosphate resources from a number of African countries including Tunisia, Jordan, Egypt and Syria, as also from Russia, Canada and Israel among others.
- India’s bilateral trade with Algeria currently stands at $1.5 billion a year with the trade balance in Algeria’s favour given India’s import of oil and gas.
- The major item of exports from India has been automobiles, although qualitative restrictions have now kicked in. Algeria instead seeks assembly on its shores.
DO YOU KNOW?
Algeria
- Algeria is a North African country with a Mediterranean coastline and a Saharan desert interior.
- Capital: Algiers
- Currency: Algerian dinar
- Official language: Arabic
- Presidend : Abdelaziz Bouteflika
- Prime Minister : Abdelmalek Sellal
