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15 Jun, 2023 16:49

Russia and North African country seek closer energy cooperation

Algeria is among Moscow’s top three trading partners in the region, according to President Putin
Russia and North African country seek closer energy cooperation

Russia and Algeria plan to intensify cooperation in hydrocarbon exploration and production, oil and gas processing, and petrochemistry, according to a statement on the Kremlin's website on Thursday.

The release follows a meeting between the heads of state in Moscow, where Algerian President Abdelmadjid Tebboune is on an official visit.

According to Russian President Vladimir Putin, the two countries’ relations are “truly multifaceted” and have a solid potential for further development.

“Our efforts in OPEC+ and the Gas Exporting Countries Forum are facilitating stabilization of the global energy markets,” he stressed.

Algiers is among Moscow's top three trading partners in Africa, Putin said, as he called for boosting the use of national currencies in settlements.

“Undoubtedly, it is important to work together to expand the practice of settlements between our countries in national currencies, which will make it possible to secure countertrade from the influence of third countries and the negative situation on world currency markets,” Putin said.

The President of Algeria thanked his Russian counterpart for his hospitality and voiced the need to accelerate the process of his country joining the BRICS group of emerging nations “so that we no longer accept dollars and euros.” 

In November, Algeria officially applied to join BRICS, a bloc comprising of Brazil, Russia, India, China and South Africa, arguing that the country largely meets the criteria for membership.

For more stories on economy & finance visit RT's business section

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