(MENAFN- Qatar News Agency) Algerian Group Sonelgaz and U.S. conglomerate General Electric (GE) will build in partnership an industrial complex for manufacturing gas turbines in Algeria, for an investment worth $200 million, CEO of Algerian Group Nourredine Boutarfa announced Sunday.
Sonelgaz will be the majority shareholder of this complex, holding 51% stake while GE will hold 49%, Boutarfa told the National Radio.
As from 2017, the complex will produce 6 to 8 turbines per years, he added. Boutarfa eyes to reach an 80% rate of output with national tools in 2027, i.e. ten years after the project commissioning.
The complex, which will be based in Ain Yagout (north of Batna, 435 km east of Algiers), will be built by the joint venture to be created between Group Sonelgaz and US General Electric.
Besides, GE won a $2.2 bn contract to provide gas turbines with a capacity of 8,400 MW, destined to equip the six electric plants Algeria is planning to build by 2017.
According to Boutarfa, Sonelgaz concluded "a very good deal" by entrusting with US Group the supply of these electric equipments, for the very competitive prices proposed by KW.
With a cost of $500 per KW "we are close to 2005 levels". While, current cost of Kilowatt hits 1,000 dollars.
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