Algeria: MOU On Creation of Algerian-Portuguese Shipbuilding Company Inked

A Memorandum of Understanding on the creation of an Algerian-Portuguese joint venture on shipbuilding and ship repair was signed in Algiers in the presence of the Minister of Transport, Boudjemaâ Talai.

This MoU, signed between the national ship repair company (Erenav) and the Portuguese Group Martifer, provides for the creation of a joint company under Algerian law, which 51% of the shares will be held by the Algerian side.

The future company, to be based in Arzew port (Oran), will specialize in the repair, shipbuilding and conversion of vessels consisting to convert oil tankers into cargo ships or otherwise.

According to Erenav Director General Yous Adel, the creation of this new company will allow to embark on shipbuilding activity, planed in its development plan.

“The domestic market is very dynamic, especially with the reinforcement of the national fleet through the purchase of new acquisitions of the national shipping company (CNAN),” he told APS.

He also announced “a comprehensive program that requires means for tug boats and marine works machinery want to develop.”

Erenav boss considered this partnership as a tool to take advantage of the internal market opportunities as a first step before turning towards external markets.

As for him, General Manager of Portuguese Firm Marti Metal, a subsidiary of Martifer Group, Belmiro Torres Couto, said his group is planning “innovative” projects in Algeria in order to take advantage of opportunities on the African market.

“In Algeria, we want to make innovation and not construction and repair only. We have new ideas and new projects that we want achieve in this country,” stressed the official of the Portuguese group, which already has five repair and shipbuilding yards in the world.
Source: Algerie Presse Service