APS : Saturday, 02 March 2019
ALGIERS- Algerian group Cosider and Turkish company Samsun Makina Sanayi signed on Saturday in Algiers, an €80 million deal on the construction of a ductile iron pipe manufacturing plant in the industrial area of Sidi Khettab (Relizane).
The agreement was signed by Cosider Group’s CEO Lakhdar Rekhroukh and the Turkish company CEO Yucuf Adnan Yucel, in the presence of Water Resources minister Hocine Necib and Minister of Industry and Mines Youcef Yousfi.
The plant, which will be built within a period of 18 months, will have an annual production capacity of 100.000 tonnes and will thus cover the national market’s needs.
In compliance with the foreign investment rule in Algeria, 51% of the project stakes are owned by Cosider-BTPH and the 49% remaining by the Turkish company.
The ductile iron pipes are produced in only 13 countries worldwide.