ALGIERS, — Total foreign direct investment (FDI) received by Algeria’s energy sector reached 14.01 billion US dollars between 2010 and 2015, or an annual average of 2.3 billion USD, the Ministry of Energy has dissclosed.

In 2015, the FDI received in the energy sector stood at 2.3 billion USD, up 45 per cent compared with the previous year, the ministry reported in the latest issue of the Algerie Energie magazine.

More than 99 per cent of the foreign direct investment for energy projects had been undertaken in the oil and gas sector during the past six years, the report showed.

The projects have an estimated cost of 13.9 billion USD, while FDI totalling 112 million USD were invested in other energy projects and in sea water desalination projects.

The development of oil and gas fields took up 83 per cent of the FDI in the hydrocarbon sector, or 11.5 billion USD, between 2010 and 2015.

Of the amount, 26 per cent were by Italian energy giant ENI, followed by US companies at 14 per cent, British companies 14 per cent, Norwegian companies 14 per cent and Canadian companies 8.0 per cent.

Source: Name News Network

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