PARIS (AFP) -- French oil group Total said Tuesday it had signed a deal to invest about 1.5 billion dollars in a new 3.0-billion-dollar (2.0-billion-euro) petrochemical plant in Algeria.

The agreement, struck with Algerian state energy group Sonatrach during a visit to the North African country by French President Nicolas Sarkozy, foresees the construction of a complex in the port city of Arzew.
The investment required is estimated at around 3.0 billion dollars, with commissioning of the plant scheduled within five years.
“Total is delighted with this agreement ... It signals our entry into Algeria’s petrochemical industry and strengthens the existing partnership between Total and Sonatrach in oil exploration and production,” said Total chief executive Christophe de Margerie.