#Algeria : French company TotalEnergies has pulled out of a five-year engagement from a petrochemical mega-project in western Algeria, we learned on Monday.
After announcing a global partnership in 2017, TotalEnergies signed on in May of the following year. Agreement He started an engineering course for a petrochemical project in Arzew in collaboration with the Algerian state company Sonatrach. The project, with an investment of around 1.4 billion dollars for both partners (51% for Sonatrach and 49% for TotalEnergies), includes a propane dehydrogenation plant (PDH) and a polypropylene production unit (PP) with a capacity of 550,000 tonnes. per year.
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But while the project appeared to be on track, Total Energies announced it was withdrawing its decision “in a letter in July” citing the unprofitability of the plant. African IntelligenceAlthough several feasibility studies were carried out, the partners’ agreement was signed, the technical design was stopped by “February 2022”, as well as the financing which was “on track”.
The revelation comes days ahead of Emmanuel Macron’s visit to Algeria. The French president is actually expected to pay an official visit to the Maghreb country on Thursday, August 25. A stay aimed at renewing bilateral relations, not good between the two countries.
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