ORAN, ALGERIA, — An Algerian-Turkish joint venture has been establsihed under an agreement signed here Tuesday between the Port Company of Arzew (EPA) and the Turkish steel company, Tosyaly.

The joint venture, named Spa Bethioua Port Mineralier, has a share capital of 2.0 billion Algerian dinars (about 18.1 million US dollars), will begin work in September on construction works of installations and equipment for the loading and unloading cargoes at the port here.

The joint venture provides for the setting up of a transfer system, a 12.5-kilometre escort ship, iron ores, scrap iron and other finished and semi-finished products between the port of Bethioua and the steel complex of Tosyaly, based in Bethioua, as well as the other operators of the zone of activity of Bethioua, said the officials of the two companies during their presentation of the project.

The project is budgeted at 6.0 billion dinars.

Under the joint venture, 51 per cent of the equity is held by EPA and 49 per cent by Tosyaly.

Once completed, the new installations will be able to process about six million of raw materials per year and an unloading capacity of 50,000 tonnes per day, added the officials, who added that the project would be completed in 12 months and would create 80 direct jobs.

Source: Name News Network