(MENAFN) Algeria is planning a huge shift to clean energy sources as it seeks to export more oil and gas to lucrative markets, Financial Times Deutschland (FTD) reported.
The German newspaper quoted Noureddine Boutarfa, the head of state-owned energy group Sonelgaz as saying that Algeria is looking for partners to undergo the USD60 billion shift.
Sonelgaz aims to meet 40 percent of the nation's power needs with renewable energy within the next two decades, FTD said.
Boutarfa also said that German companies are eligible to join Sonelgaz in its ambitious plan due to their technological expertise, but they must bid at competitive prices.
Algeria, Africa's largest natural gas producer, would rather export more gas and invest the proceeds in clean-energy generators that create jobs at home, than sell subsidized fuel domestically to meet growing demand, the newspaper said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.