ALGIERS, Algeria, July 8 (UPI) -- Algeria and Tanzania are in the advanced stage of talks regarding three separate energy projects, Algerian Energy Minister Youcef Yousfi said.
Yousfi met in Algiers with his Tanzanian counterpart to discuss bilateral energy issues.
"Three projects, which had been under discussion between the two countries, are now in an advanced stage and will be carried out in the coming months," Yousfi said Monday.
Yousfi said both sides would form a joint venture between their respective electricity and natural gas companies and two other projects deal with petroleum product distribution and oil exploration and production.
Algeria has the 10th largest natural gas deposits in the world and is the third-largest gas supplier to Europe. Its exports have been in decline, however, because of lagging foreign investments.
Wood Mackenzie, an energy consultant group, published a report in October saying Tanzania was a part of a growing number of emerging producers in East Africa. The report said output from Tanzania could help regional production increase from the current rate of 500,000 barrels of oil equivalent per day to 1.5 million barrels of oil equivalent.