EU: Algeria must increase stability for European investors

 

EU climate commissioner Miguel Arias Canete raised concerns over the fact that Algeria is not working hard enough to advertise its potential to become a key destination for European investment.

Despite raising security concerns, the EU assured Algeria that it will remain a crucial gas supplier and praised the “mutual interdependence” between the two parties, despite the fact that the EU is trying to diversify its energy resources.

In a joint conference between EU climate commissioner Miguel Arias Canete and Algeria’s Energy Minister Nourreddine Boutarfa, it was confirmed that the EU will continue to buy gas from Algeria, but raised concerns over the country’s investment framework.

“On its side, Europe is and will remain the main customer for Algeria. We’re interdependent. Europe relies on Algerian gas for its security of supply and Algeria relies on the European market for its security of demand,” Canete said.

However, Canete raised concerns over the fact that Algeria is not working hard enough to advertise its potential to become a key destination for European investment.

“The regulatory framework for investments be improved so that Algeria becomes more attractive destination for European investments,” Canete added, before expressing concern for the security situation in Algeria.

Boutarfa hit back at those remarks, claiming there is relative stability in Algeria.

“There is [a] triangular dialogue between our security services, the local firms and our partners on these questions of security and contingency plans that we have to make to defend our country. Everything is discussed with the companies,” Boutarfa said.

Canete urged that the EU wants to improve relations with Algeria.

“We want this mutual beneficial trade and develop further. To that end, new supply contracts, new investments in exploration and production are necessary,” he said.

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