ET reported that Oil rich Algeria has invited Indian companies to participate in USD 10 billion project to build an ambitious Trans Saharan gas pipeline originating from Nigeria via neighboring Niger.

Mr Echarif Mohammed Hacene Algerian Ambassador to India said that "We need more foreign partners outside Europe for this 4,000 kilometers long project. We hope Indian companies will show interest not only for capital formation but also to build the capacity itself.

The ambassador said that Algeria has had some good experiences with the state-run Indian Oil Corporation that has USD 3 billion pact with his country's own public sector company Sonatrach.

He said that the two state owned firms had successfully bid for major hydrocarbon blocks in Libya. Some of the world's biggest companies have evinced interest in the project.

Nigeria, which claims the world's seventh largest gas reserves with about 183 trillion cubic feet, is willing to set aside 13 trillion cubic feet to 15 trillion cubic feet for the project. Algeria's own pipeline system extends under the Mediterranean Sea to Spain and Italy.

The ambassador said that the reason why his country seeks new partners is simple: Europe is too close for their liking. Spain is only 180 kilometers from our coast. The level of European pressure on our economy is so strong it weakens us. We want new partners.

He said that his vision was to see two way trade between India and Algeria more than double over the next three years from USD 2 billion to USD 5 billion and for that it was crucial to explore areas that stretch beyond energy and other traditional sectors.

He added that India is our very good partner because the level of political confidence between us is very high. We've seen it in the past many examples where we needed foreign assistance. Where Europe refused us, India accepted. So, it is a matter of confidence.

(Sourced from Economic Times)