Russia to convert some of Algeria's debt into oil, gas investments

Russia has agreed to convert part of Algeria's public debt into investments, starting with oil and gas, Russian Vice-Prime Minister Ilya Klebanov told the Organization of Petroleum Exporting Countries' news agency. Klebanov made his comments at the end of a 3-day visit to Algiers.


By the OGJ Online Staff

HOUSTON, May 29 -- Russia has agreed to convert part of Algeria's public debt into investments, starting with oil and gas, Russian Vice-Prime Minister Ilea Lebanon told the Organization of Petroleum Exporting Countries' news agency.

Lebanon made his comments at the end of a 3-day visit to Algiers.

Discussions are under way on the restructuring of the debt, he said. He declined to disclose the amount to be converted into investment in Algeria's industrial enterprises.

The conversion will be accomplished by setting up Algerian-Russian companies, he said.

Klebanov also said an understanding has been reached between Algerian state oil and gas company Sonatrach and Russia's Gazprom in coordinating gas exports.

Energy ministers from Russia and Algeria said they plan to meet twice a year, in Algiers and Moscow, to examine ways to boost cooperation between the two countries.

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