Algiers (Platts)--1May2013/535 am EDT/935 GMT

Algerian oil minister Youcef Yousfi has asked Russian oil and gas companies to bolster their participation in the OPEC state's energy sector during talks with his Russian counterpart Alexander Novak, Yousfi's office said in a statement late Tuesday.

It said Yousfi presented to Novak opportunities for Russian investment in the oil, gas, petrochemicals, refining and mining sectors as well as in renewable energy projects in the North African state and explained that Algeria's energy sector was open to both domestic and foreign investors.

The Russian minister expressed "the interest of Russian enterprises in the development partnerships with their Algerian counterparts, particularly in the petrochemicals and renewable energy sectors," the Algerian statement quoted Novak as saying.

The two ministers also reviewed what the statement said were "excellent" relations between the two nations in this domain and agreed to pursue further negotiations to examine concrete partnership opportunities in these sectors, it added.

They also discussed matters of mutual interest within the framework of the Gas Exporting Countries Forum, of which the two countries are leading members. Russia and Algeria are the first and third biggest suppliers, respectively, of natural gas to the European market.

Russian gas giant Gazprom is among international companies with assets in Algeria and rights to explore for and develop oil and gas at El-Assel in the Berkine Basin.

Algeria produced an estimated 1.17 million b/d of crude oil in March, according to the latest Platts survey of OPEC's production.

In 2011, Algeria exported 52 billion cubic meters of pipeline gas and LNG, mainly to Europe with the majority supplied via undersea pipelines to Italy and Spain.

The deadly attack on Algeria's In Amenas gas plant by militant Islamist gunmen earlier this year temporarily cut production from the remote complex for several weeks and led to questions about the reliability of Algerian gas supply to Europe and prompted some foreign operators like BP to review their plans in Algeria.

The Algerian government is keen to attract new foreign investment in its energy sector and recently amended its hydrocarbon law to encourage new exploration, specifically in the area of shale gas.

--Lies Sahar, newsdesk@platts.com
--Edited by Kate Dourian, kate_dourian@platts.com; E Shailaja Nair, shailaja_nair@platts.com

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