U.S. Natural Gas Futures Drop Below $3 for First Time Since 2012

Algeria Violence Won't Deter Citadel from Project: Heikal

Citadel Capital SAE (CCAP), Egypt’s biggest publicly traded private-equity firm, won’t back out of a project to build a cement plant in Algeria after foreign hostages were killed at a gas plant, Chairman Ahmed Heikal said.

“On the contrary,” Heikal said, when asked about delaying or canceling the project, in an interview in Davos, Switzerland, where he was attending the World Economic Forum. “Once we get the final approvals from the Algerian government, we will move ahead.”

Companies are reviewing security measures and projects in west and northern Africa after at least 38 foreign workers were killed following their kidnap by Islamist militants. BP Plc (BP/), Statoil ASA (STL) and Algeria’s Sonatrach had employees working at the plant.

Citadel’s unit plans to start building the plant with Algeria’s government-owned Zahana Cement Co. by the end of the year, Heikal said earlier this month.

To contact the reporter on this story: Andres R. Martinez in Davos, Switzerland at

To contact the editor responsible for this story: Alaa Shahine at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.