Oil Bonanza Over, Algeria Woos The Investors It Has Long Ignored
- New legislation eases financing and land ownership, cuts taxes
- Government battling to convince businesses it's up to the job
NATEC is the first company of oil refinery in Algeria. The company has five oil rafineries along the country, which can exploit about 22 Millions tons of crude oil per year. Algeria oil stocks are evaluated at 11,4 Billions tons of crude barrels. Here the Arzew refinery.
Photographer: Ali Djenidi via Getty ImagesThis article is for subscribers only.
Technology entrepreneur Karim Brahiti sees opportunities springing from the biggest threat Algeria’s economy has faced in decades.
“The plunge in oil prices is a necessary evil that will force us to get out of our comfort zone and find alternatives,” said the 36-year-old Brahiti, now investing back home after years spent scouring for contracts in sub-Saharan Africa countries. “The misfortune of some makes for the happiness of others.”