VLADIMIR SENKOVICH

Postgraduate student of the Institute of Africa of the Russian Academy of Sciences

Keywords: Algeria, hydrocarbons, investment opportunities

Even before the global financial and economic crisis, experts regarded Algeria's future as promising. In an interview with Oil&Gas Middle East magazine, IMF Senior Press Secretary Lucy Mboto Fuda highlighted two important components of the country's economic growth : the productivity of the hydrocarbon sector and greater entrepreneurial activity in the non-resource sector.¹

WHAT ATTRACTS INVESTORS?

Algeria's energy sector will remain the top priority for investors over the next decade, thanks to the country's fairly extensive resource base. According to the National Bureau of Statistics, while overall GDP growth was 4% in 2010, it reached 5.6% in ^the energy sector2.

Algeria is one of the most influential members of OPEC and the largest producer and supplier of hydrocarbons in the Mediterranean ³. Algerian natural gas is supplied to France, Italy, Spain and Portugal, and in liquefied form is delivered to the United Kingdom, the Netherlands, Turkey, Greece, etc. countries.

According to Gazprom, natural gas accounts for 62.5% of Algeria's energy mix, oil for 34.5%, coal for 2.5%, and hydropower for 0.5% ^.4

The energy sector not only forms the backbone of the Algerian economy, but also serves as a kind of rotor for its development. Algeria's state-owned oil and gas company Sonatrach, which dominates the country's energy sector, accounts for 95% of export revenues and 77% of the country's state budget revenues.⁵ In addition to it, other state - owned oil producing and refining companies-NAFTAL, NAFTEC, ENIP-also work in the sector. Sonatrach's subsidiaries ENGTP (petrochemicals), ENAFOR, ENAGEO, ENTP and ENSP (drilling and exploration)are also used to improve the efficiency of the oil and gas sector.⁶

Such foreign companies as Anadarko, BP Algeria, GDF SVEZ, Repsol, Cepsa, Statoil, Total, Shell, Schlumberger, ENI, Petrofac, Enel work in the energy sector of Algeria. In April 2011, the British oil and gas service group Petrofac entered into an agreement for the development of gas fields in the Algerian Sahara with InSalahGasCompany - a subsidiary of the consortium Sonatrach, British Petroleum (BP) and Norwegian Statoil - in the amount of $1.185 billion.⁷

Companies from developing countries are actively involved in oil and gas production in Algeria. For example, in September 2003, Brazil's Petrobras signed an agreement with Sonatrach to explore for hydrocarbons in Algeria. In December 2003, China's CNPC signed a similar agreement. Among the Chinese companies, some success was achieved by Sinopec, which signed a contract worth $525 million for the modernization of the oil production infrastructure of the Zarzatina field, near Hassi Messaud ⁸.

Russia's Gazprom EP International and Rosneft - Stroytransgaz Ltd. also work.

All foreign companies operate in Algeria in accordance with the production sharing agreements concluded with Sonatrach. According to the Law on Hydrocarbons adopted in 2006, Sonatrach has the right to own at least 51% of the shares, as well as to exercise control over the operation of joint ventures with foreign partners.

Taking into account Sonatrach's readiness to implement the shale gas project and the complexity of this process, there is reason to believe that the Algerian side will seek help from the leaders in this area - American and Canadian companies. This is likely to increase competition between foreign commodity companies in the Algerian market.

Up to now, Sonatrach has been assigned the functions of both a commercial entity and a government agency. However, after the adoption of the Law on Hydrocarbons (2006), the functions of regulation, conducting tenders and granting licenses were transferred to a specially created government agency. Moreover, in order to increase competition in the oil and gas sector, Sonatrach de jure loses preferential conditions for participation in tenders.

At the same time, the government's plans do not include the privatization of Sonatrach, which the West insists on. The IMF regularly recommends that Algeria reduce the share of the public sector in the economy, actively implement reforms in the banking sector and reduce protectionist taxes. Nevertheless, in Algeria itself, the positions of the opponents are still strong

division and privatization of Sonatrach, whose assets allow it to act as an independent player in the global hydrocarbon market ⁹.

The Algerian leadership intends to continue the development of the country's oil and gas complex. In particular, significant attention is paid to infrastructure. Algeria's modern pipeline system consists of more than 30 oil and gas pipelines with a total length of about 17,000 km. 3 international gas pipelines are of particular importance:

- TransMed (Enrico Mattel gas pipeline), launched in 1983. Gas from Algeria (Hassi-Rmel) enters Italy via Tunisia. Supplies gas to Tunisia, Italy, Slovenia;

- Maghreb-Europe Gas Pipeline (Pedro Duran Farell pipeline), launched in 1996. Gas from Hassi Rmel is delivered to Spain via Morocco;

- Medgaz, launched in March 2011, connects Algeria and Spain directly.

To ensure export supplies of oil and petroleum products, the capacities of oil loading ports in the following years are used: Bejai, Skikde and Arzew.

Algerian authorities expect an increase in natural gas exports from the current 62 billion cubic meters. up to 100 billion cubic meters per year by 2015, thanks to the existing infrastructure, as well as the implementation of the Galsi gas pipeline project, which will connect Algeria and continental Italy via Sardinia. In addition, the national giant Sonatrach is actively involved in a gas pipeline project that will connect Nigeria with the Mediterranean region. The project cost is estimated at $12 billion ¹⁰.

Foreign investors are very interested in acquiring shares in energy infrastructure facilities in Algeria. So, Sonatrach owns 36% of Medgaz pipeline shares, CEPSA and Iberdrola have 20% each, and Gaz de France and Endesa¹¹ have 12% each.

Due to changes in the Law on Hydrocarbons, foreign investors are allowed access to the field's operation. While in 1995 foreign companies partnered with Sonatrach accounted for less than 1% of Algeria's total oil production, in 2006 this figure increased to almost 30%.

At the same time, for foreign companies, the risk of revision of already signed contracts by the Algerian leadership remains. In particular, in September 2007, the Algerian government decided to deny Spanish companies - Gas Natural and oil and gas company Repsol YPF - the development of the giant gas field Gassi-Tuil in the east of the country. Both companies were allowed to participate in the project back in 2004. Repsol had a 48% stake, Gas Natural - 32%, and the Algerian state oil and gas company Sonatrach-the remaining 20%. The Algerian government decided to transfer all the deposits to its company ¹².

In 2010, 29 oil and gas fields were explored in Algeria, of which only two were developed with the help of foreign companies. A total of 123 oil and gas fields were explored between 2000 and 201013.

Since 2001, Algeria has awarded more than 40 contracts for the exploration and development of its fields, and the total investment has reached $3.5 billion, of which $2 billion has been invested by foreign oil companies.

In addition to its energy potential, Algeria's national economy is attractive for its development prospects, as well as relatively weak competition among producers in the local market. Promising areas for doing business are civil and industrial construction, water management, air, railway and urban transport infrastructure, including the metro, telecommunications, banking and financial sectors, tourism, etc.

In recent years, the overall situation in the country has remained relatively good. Meanwhile, back in 2006 and 2007, terrorist attacks were committed in the country, which negatively affected the investment attractiveness of Algeria. As Alexander Shatilov, Russia's trade representative in Algeria, noted in mid-2010, " by 2008, the country was more or less in order with terrorism, the criminal situation has significantly improved, and now Algeria is a promising and incredibly interesting country for business. Foreign companies, realizing this, are beginning to actively return " ¹⁴.

After the coup d'etat in Tunisia, the situation in Algeria has significantly worsened. In January 2011, thousands of citizens took to the streets to protest against higher food prices.¹⁵ In March, Algerian President A. Bouteflika announced the start of a large-scale political reform. The first step towards political transformation was the lifting of the state of emergency that had been in force in the country for 19 years. ¹⁶

ALGERIA'S FINANCIAL AND BANKING SECTORS

A country with such a wide range of investment opportunities-from the oil and gas sector to the tourism sector - could attract more funds from abroad.

This may be hindered by the country's continuing low business performance. According to the Doing Business country rating compiled by the World Bank and the International Monetary Fund, Algeria ranks 136th out of a possible 183 countries in 2011. In terms of a number of indicators, Algeria has worsened its position: it is ranked 165th in terms of property registration (in 2010 it was ranked 159th), and in terms of access to loans it lost 3 positions at once, ending up in 138th place. Algeria's position also weakened on other criteria - business registration, building permits, international trade, contract enforcement - ¹⁷.

Often, the level of development of the banking and financial sectors equates the country's ability to service investor operations. The higher their level, the more attractive the country looks for investment.

Considering the impact of the global financial and economic crisis on the Algerian economy, Russian researchers N. V. Mokhov and I. M. Mokhova rightly note:: "The country has strict currency controls, so neither businesses nor individuals have access to the external financial market. Banks, 90% of which are owned by the state, also do not have free access to the international financial market for placing their assets or for refinancing operations. Thus, Algerian banks could not have "toxic" assets at their disposal, which caused considerable damage to economies with a more developed financial sector. Therefore, Algeria is not in danger of ruining private banks and financial institutions that have failed to withstand the onslaught of the global financial storm. " ¹⁸

In Algeria, operations with budgetary funds are carried out only by State-owned banks, which are also responsible for financing investment projects and servicing national enterprises. It should be emphasized that there are no private banks in Algeria, there are only branches of foreign banks that work mainly with private individuals, and their activities are strictly regulated by Algerian law. At the same time, foreign banks use different strategies in Algeria. For example, one of the largest banking groups in the world, HSBC Holdings pic¹⁹, intends to be present on the Algerian market as a universal credit institution, and Deutsche Bank-as an investment bank. It is noteworthy that since the fall of 2009, banks are prohibited from issuing consumer loans, except for mortgage loans.²⁰

ECONOMIC DEVELOPMENT TRENDS

Currently, the economic situation in Algeria tends to improve. Thus, Algeria's external debt fell to $4 billion by December 2010 from $30 billion in the late 1990s. ²¹ The settlement of the external debt problem is a great achievement, but the solution to this issue was made possible not so much by the country's production capabilities as by favorable conditions for producers and exporters of hydrocarbons on the world market. Huge receipts of petrodollars to the state budget increased the trade surplus and increased the Algerian gold and foreign exchange reserves (up to $150 billion as of ^December 201022). Inflation also declined slightly , from 4% in 2001 to 3.5% in 200923, compared to 3.4% in March 201124.

In order to reduce dependence on hydrocarbon exports, the Algerian authorities have adopted a new 5-year program of socio-economic development of the country for 2010-2014, for which it is planned to allocate $286 billion. It provides for the diversification of the economy, the development of industry and infrastructure, the creation of new jobs, and the improvement of the quality of life of the population.²⁵ Most of the projects are related to railway and road construction, as well as hydro projects.

Despite the huge amount of public funds allocated for the implementation of the 5-year program, the government intends to attract foreign investment as well. However, according to President A. Bouteflika, "in the next few years, the country will not resort to borrowing from international financial organizations." ²⁶

For effective work with investors, 3 state structures have been created : the Ministry of Industry and Investment Promotion, which develops investment policies at the state level and conducts a campaign for the privatization of state property; the National Investment Council, which determines the investment strategy and priority areas for investment; the Investment Development Agency, which is responsible for facilitating the investment regime and tax exemption.

According to Finance Minister Karim Judy, foreign companies wishing to settle in Algeria should focus primarily on production, not trade: "We (the Algerian government) need to do more to modernize local production in order to increase its competitiveness, in particular, direct foreign direct investment to develop production facilities a variety of export or import-substituting products " ²⁷.

CHANGES IN LEGISLATION

The liberalization of the economy did not allow achieving the desired results of the Algerian leadership. In July 2008, President A. Bouteflika criticized the government for the results of privatization and the approach to working with foreign investors. Due to gaps in legislation, the profits of foreign companies that were not taxed due to their benefits were transferred to foreign bank accounts, and these funds were generally not reinvested in the Algerian economy.

In July 2010, a number of protectionist measures were announced, providing certain advantages to local companies and firms in order to increase the role of national producers in the Algerian economy. So, at the first stage, contracts should be put up for tender, in which only Algerian companies will be able to participate. If it is not possible to implement the contract among local participants, foreign companies will be invited.

According to A. Bouteflika, " foreign companies are playing a game

the Algerian economy played a significant role, so there was a need to adopt new regulations that would allow national companies to improve their position, reduce youth unemployment, and fight corruption. " ²⁸

In order to further protect national interests, including from unscrupulous performers of the 5-year national program, under the chairmanship of President A. Bouteflika in August 2010. A government meeting was held at which amendments to the country's investment legislation were adopted. In particular, the approved draft supplementary law on the budget for 2010 noted that the state has the right to return a privatized enterprise to itself if the owner does not comply with the agreements stipulated in the privatization agreement.²⁹

Special attention should be paid to foreign investors under Article 55 of Ordinance No. 10-01 of August 26, 2010, which obliges a foreign contractor to invest in the Algerian economy. Moreover, the foreign participant must be in partnership with an Algerian-registered company in which the majority of shareholders are Algerian citizens. ³⁰ And if you intend to sell some of the assets of an Algerian company abroad, you must consult in advance with the Algerian government, which has the priority right to buy back the assets of Algerian companies.³¹ According to Article 22, the state taxes the net profit of companies in all sectors of the economy in the amount of 30 to 80%.

According to the author, investors can consider as negative the government's resolutions, according to which the participation of the Algerian side in investment projects can not be less than 51%, and in newly formed companies engaged in import, not less than 30%, as well as new amendments concerning the transfer of profits and taxation.

These changes are aimed at achieving at least two goals:

- create conditions for strengthening the position of Algerian companies in the national market;

- identify the most reliable investors from a large number of potential partners.

At the same time, the Algerian side seeks to establish long-term business relations with its partners.

There is no doubt that investors appreciate the measures taken by the Algerian Government to prevent and combat corruption, in particular the decision to establish a Central Anti-Corruption Bureau.³² According to the "Global Corruption Barometer" study conducted by Transparency International, Cambridge University and the American audit firm Ernst & Young, the corruption perception index in Algeria is quite high. In the overall ranking, Algeria ranks 92nd out of a possible 180 countries.

The requirement to enter into transactions on a tender basis, although aimed at preventing corruption, actually leads to additional difficulties for businesses. According to A.V. Shablin, "companies have to announce a tender for the purchase of any trifle, for example, two barrels of paint, one hundred liters of lubricating oil, one car, etc.And such small tenders - up to 80% of the total"³⁴.

The state controls the activities of investors everywhere. For example, a foreign investor has a limited right to participate in the capital of a bank registered in Algeria, since, firstly, it must be in partnership with Algerian citizens, and secondly, the share of a foreign partner cannot exceed 49%³⁵.

It is noteworthy that even if a bank or other financial institution is completely private, the state should be granted a special share, although it does not provide the right to vote. Moreover, any transaction involving shares of banks or other financial institutions must be approved by the Central Bank of Algeria.

There is also a penalty for offenders. In particular, the amendment to Ordinance No. 96-22 of July 9, 1996 on combating violations of the legislation on exchange rates and the movement of capital abroad and from abroad implies a ban on the purchase, sale, export and import of any means of payment, securities or debt documents in foreign or national currency.³⁶ Penalties may include a prison sentence of 2 to 7 years, a fine of 200% of the damage, and confiscation of the amount "in respect of which the crime was committed" ³⁷.

The most serious crimes are those related to money laundering, drug trafficking, corruption, organized crime, and the financing of terrorism.³⁸

As a result of the adopted amendments to the investment legislation, the volume of attracted FDI decreased by ^{74% in 2010 compared to the same indicators in 2009.39}

NON-PRIMARY FOREIGN COMPANIES IN THE ALGERIAN MARKET

Algeria intends to rely primarily on its own potential in modernizing its national economy. Foreign investments are welcome, but if their attraction is associated with infringement of national interests, investors will be prohibited from operating in Algeria or any other activity related to Algerian assets abroad.

Taking into account the legislative and administrative peculiarities of Algeria, one can hardly expect to attract huge amounts of investment in this country. As Technopromexport's chief expert on North Africa, A. Thymar, rightly points out, "mainly large companies come here

multinational corporations with a full production cycle, which are able to provide a full range of services and, most importantly, are ready for long-term cooperation. Foreign retail chains, small and even medium-sized businesses do not enter the market yet. This is unprofitable. " ⁴⁰

Chinese companies supported by the national Government are particularly active in Algeria. Currently, the 35,000-strong Chinese labor force, concentrated in the capital's Bab Ezzour suburb, is already the largest foreign labor force in Algeria, raising concerns among local authorities. At the same time, Algeria's Chinese partners, in addition to contracts in the hydrocarbon sector, continue to work on projects, primarily infrastructure projects, the total cost of which is $20 billion.⁴¹

At the same time, it is not uncommon for the Algerian side to remain dissatisfied with the quality of Chinese contractors ' work, which makes Algerians pay attention to more qualified, albeit more expensive contractors from other countries.

The Algerian Government is aware that one of the challenges in implementing national projects is the training of local specialists. For example, in April 2010, Abdelhamid Temmar, as the Minister of Industry and Investment Attraction, and now the Minister of Long-term Planning and Statistics of Algeria, said :" We understand that we do not have enough experience in managing companies in modern international conditions. That is why we send thousands of national cadres to study in South Korea, Germany, France, Italy and other countries. " ⁴²

RUSSIA - ALGERIA: PROSPECTS FOR INVESTMENT COOPERATION

It is likely that even after the adoption of new restrictions for investors, large businesses will continue to show interest in Algeria. And Russian companies should not be left out. Thus, the Minister of Finance of Algeria, K. Judy called on Russian companies to participate more actively in tenders for the implementation of works under the state plan, in particular, in the development of common infrastructure and the use of water resources. According to him, "the Algerian side is also ready for an economic partnership based on mutual investment promotion, as well as the transfer of know-how and technologies by Russian companies." Modern Russian-Algerian trade and economic relations are developing in 4 traditional areas - military-technical, oil and gas, electric power and construction.

Russian-Algerian relations reached a new level of development after the settlement of the problem of Algeria's debt to the USSR in the amount of $4.7 billion. Debt cancellation was associated with the signing of a number of large contracts for the supply of Russian-made weapons to the Algerian side. Russia is now ready to make new cooperation proposals to its Algerian partners.

The official visit of Russian President Dmitry Medvedev to Algeria in October 2010 gave an additional impetus to Russian-Algerian business relations. Following the talks with the participation of the heads of state, the sides stressed their intention to develop cooperation in the exploration and production of natural gas in Algeria.

In October 2010, for the first time in bilateral relations, the Russian-Algerian Business Forum and exhibition of Russian goods and services were held in conjunction with the visit of the Russian President to Algeria. Thanks to these events, it was possible to sign 10 memoranda of cooperation between the Russian and Algerian business circles.

At the opening of the Russian-Algerian Business Forum, Sergey Shmatko, Minister of Energy of the Russian Federation and Chairman of the intergovernmental Russian-Algerian Commission, confirmed the interest of Russian companies in the Algerian market and their desire to participate in the implementation of President Bouteflika's 5-year plan for infrastructure development: "We can help you modernize your economy. Russian companies are interested in the Algerian market. They really want to bring in knowledge and experience. " ⁴³

Russian companies have the opportunity to obtain contracts for the construction of housing, social facilities, hotels, dams, water treatment systems, seawater desalination stations, railways, roads, water use facilities; electricity and gas supply; increasing the capacity of ports and airports; providing communication facilities; environmental protection, etc. ⁴⁴

According to S. I. Shmatko, "within the framework of the work of the intergovernmental commission, it was decided to open investment bureaus of Algeria in Russia and Russia in Algeria on a mutual basis." ⁴⁵ It is assumed that these bureaus will support companies that have decided to invest in foreign markets.

When building long-term relations with Algerian partners, it is necessary to clearly monitor their moods. In particular, the Minister of Small and Medium-Sized Businesses of Algeria, Mohamed ben Muradi, stressed that Algeria no longer wants to serve as a counter for foreign goods, including Russian ones. The Government expects Russian companies to make productive investments. In return, of course, they will have access to ⁴⁶ markets. Therefore, if domestic companies accept this condition, they will be able to operate freely in Algeria.

To date, the legal framework for business relations has been expanded thanks to the signing of a memorandum of understanding on cooperation in the gas sector. However, real progress in cooperation will be possible if the Russian government actively participates.

business participation in the implementation of Algerian projects, which requires paying attention to even "small things", such as making proposals to the Algerian side not in Russian or English, but in French or Arabic.

It is important to note that in recent years there has been a positive trend of strengthening the positions of large Russian companies in Algeria. For example, Gazprom and Sonatrach jointly (Gazprom's share in the project is 49%, Sonatrach - 51%) discovered hydrocarbon reserves in the Berkin basin. The RSH-2 well produced 60 thousand cubic meters of Ordovician sediments. m / day of gas and 49.38 tons of oil per day ⁴⁷.

"Rosneft, Stroytransgaz, Stroysistema, Technopromexport and other companies already have their official representative offices and successfully operate in the Algerian market. But for a wider presence of Russian business circles in Algeria, you should actively participate in Algerian specialized exhibitions and international fairs, which will allow you to find a local partner, as well as open branches and representative offices, and create joint ventures.

* * *

Despite the jasmine revolution in Tunisia and the ongoing military conflict in Libya, the socio-political situation in Algeria remains relatively stable. The adopted amendments to the investment legislation suggest that the Algerian leadership contributes to strengthening the public sector, relying on domestic reserves, plans to develop the most promising sectors of the economy and reduce imports. At the same time, the interests of foreign investors are practically ignored.

There is reason to believe that maintaining the current legislation in its current state will not allow attracting FDI in an amount that would meet the potential of the Algerian economy.

¹ Algeria is open for business. May 30, 2007 - http://www.ara-bianbusiness.com/algeria-is-open-for-business-144263.html

² Energy sector achieved 5.6% growth in 2010. April 30, 2011 - www.aps.dz

³ Invest in Algeria. National Agency of Investment Development - http://www.andi.dz/en/?fc-ressource

⁴ Gazprom and Sonatrach discovered hydrocarbon reserves in Algeria. 13.11.2010 - http://www.gazprom.ru/press/news/2010/november/article105463/

⁵ Algeria. Oil, gas, coal - http://polpred.ru/?ns-6&art=19862&PHPSESSID=nl8dkho6ma7iokf5jeleap97n3

⁶ Oil, gas, modernization of the company / N. A. Dobronravov and O. L. Margelia, St. Petersburg, Higher School of Economics, 2010, p. 361.

⁷ Algeria: Petrofac signed a contract worth over a billion dollars. April 12, 2011 - www.ennaharonline.com

⁸ Oil, gas, modernization of society.., p. 368.

⁹ Ibid., pp. 362-363.

¹⁰ Algeria's ambition, 5 August 2009 - http://www.ara-bianbusiness.com/algeria-s-ambition-15383.html

¹¹ Work begins on Algeria-Europe gas pipeline // Downstream Today. March 07, 2008 - http://www.downstreamtoday.com/ news/article.aspx?a_id=9212

¹² Conquer Iberia / / Expert, 2007, N 33 (574) - http://expert.ru/expert/2007/33/zavoevat_iberiyu/

¹³ According to the official Sonatrach website - http://www.sonatrach-dz.com/

^{Aleksandrov A.} 14 Algeria - a country of prospects / / Vanderbilt. 2010, No. 9, p. 47.

¹⁵ During the dispersal of a demonstration in Algeria, more than 40 people were injured. 23.01.2011 - http://www.vesti.ru/doc.html?id-422511&cid=9

¹⁶ Algerian president 'promices reforms', March 19, 2011 - www.english.aljazeera.net/news/africa/2011/03/2011319174733727477.html

¹⁷ Doing business in Algeria - http://russian.doingbusiness.org/data/exploreeconomies/algeria

^{Mokhov N. V.} 18, Mokhova IM. Impact of the global financial and economic crisis on the Algerian economy - http://www.nmes. ru/rus/stat/2009/13-08-09a.htm

¹⁹ In 2010, the bank was ranked 19th in the Global Finance magazine's list of the 50 most reliable banks in the world. HSBC operates in Europe, Asia-Pacific, North and South America, the Middle East and Africa (a total of 85 countries). The bank's headquarters are located in London (until 1991 - in Hong Kong).

²⁰ Analytical review of measures taken by Algeria to protect the domestic market and provide State support to national producers and exporters. May 2010 - http://www.ved.gov.ru/articles/71

²¹ Algeria. The World Factbook - www.cia.gov/library/publications/the-world-factbook/geos/ag.html

²² Reserves of foreign exchange and gold. The World Factbook - www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html

²³ Invest in Algeria. National Agency of Investment Development - www.andi.dz

²⁴ См.: www.tradingeconomics.com/algeria/inflation-cpi

²⁶ Invest in Algeria.., p. 9.

²⁵ Algeria approves Five-Year Plan...

²⁷ Algeria's investment policy - http://www.ved.gov.ru/articles/72

²⁸ Algeria: New law restricting foreign investment. July 13, 2010 - http://news.egypt.com/en/2010071311943/news/middle-east/algeria-new-law-restricting-forei gn-investment.html

²⁹ Journal Officiel de la Republique Algerienne, 29 aout 2010, N 49, p. 17.

³⁰ Ibid., p. 14.

³¹ Ibid., p. 12.

³² Journal Officiel... 1 septembre 2010, N 50. Ordinance No. 10-05, 26 aout 2010, from 14.

³³ The Global Corruption Report 2009. Table 13: Corruption Perceptions Index 2008, p. 397-400.

^{Alexandrov A.} 34 Edict. soch., p. 52.

³⁵ Journal Officiel... N 50. Ordinance No. 10-04 of August 26, 2010, pp. 10-11.

³⁶ Ordinance No. 10-03, 29 aout 2010, pp. 8-9.

³⁷ st. 2, p. 8-9.

³⁸ st. 9, p. 9.

³⁹ Algeria: Government admits policy problem for FDI // Les Afriques, April 5, 2011 - www.lesafriques.com/en

^{Alexandrov A.} 40 Edict. soch., p. 52.

^{Bailey R.} 41 Algeria is North Africa's Tiger Economy. April 20, 2010 - www.bx.businessweek.com

⁴² Ibidem.

^{Sherfaoui Z.} 43 Alzhir no longer wants to serve as a counter for Russian goods / / El-Watan October 2010 - http://www.inosmi.ru/politic/20101007/163437015.html

⁴⁴ Russia and Algeria - new prospects for trade and economic cooperation - http://www.neftegaz.ru/news/view/96349

^{Sergey Shmatko: Russia and} Algeria have agreed to open investment bureaus. 07.10.2010 - http://www.vz.ru/news/2010/10/7/437888.html

^{Scherfaoui Z.} 46 Decree. Op.

⁴⁷ Gazprom and Sonatrach have discovered reserves...

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