ALGIERS-Prime Minister Abdelamelk Sellal called on Wednesday the Maltese companies to invest in the oil refining industry in Algeria, and not to limit to imports of Algerian crude oil.
« Marketing oil is not a solution to the national economy or the country’s future, » said Sellal at the Algerian-Maltese business forum that he co-chaired with his counterpart Joseph Muscat who is on a two-day visit to Algeria.
« As for the energy sector, a partnership between Sonatrach and a Maltese company might be inked, » he said, adding that the partnership, if successful, should focus on refining Algerian oil and then commercialization in Malta.
According to the PM, Algeria has no choice -in the current conjuncture marked by low oil price-. It has to move towards investment in downstream oil, he assured, addding that the Government’s strategy in this sector tends to better exploit the country’s resources by creating benefit.
In the same regard, Sellal assured that Algeria would not give up its policy of diversification of the national economy as it is developing the non-hydrocarbon sectors that create wealth and employment.
« We will not turn back (on our vision to diversify the national economy). We have no other choice; we must create wealth and develop our resources by creating added value. It is our destiny, » he argued.
Moreover, the Prime minister said that his Maltese counterpart shared this vision with Algeria and expressed his willingness to engage in cooperate to establish mutually beneficial partnerships in various sectors, including oil refining.
Evoking the bilateral cooperation potential, Sellal mentioned several sectors identified by the two countries including renewable energy, construction, tourism, health and especially the digital economy in which Algeria has made remarkable progress.
As for the holding of the 2dn Algerian-Maltese Economic Forum, Sellal welcomed the willingness of both States to raise the economic relations to the level of political cooperation, considered « very satisfactory ».
This meeting and the visit of the Maltese Prime Minister, affirmed Sellal, foresees a very successful future for economic cooperation between the two countries.
« A new impetus is given to boost both economies in a dynamic development, » he said.
For his part, Joseph Muscat has ensured his country’s readiness to further develop economic cooperation with Algeria through « win-win » projects.
« We will facilitate all initiatives meant to establish joint projects, » affirmed Muscat, adding that he was « convinced » of the success of this partnership.
« We want to create all political and economic conditions to help operators of both countries exchange investments projects, » he assured.