ALGIERS (AFP) – Algeria needs to step up investment and exploration in its energy sector, the pillar of the North African country’s economy, President Abdelaziz Bouteflika said Monday.

Algeria needs to “invest more … in the development of its hydrocarbon potential, intensifying research efforts and exploration,” he said in a statement quoted by the APS news agency.

Bouteflika called for a “re-evaluation of petrochemical industry projects” in order to “create a downstream industry”, at a government meeting dedicated to energy and mining sectors.

“We must … mobilise domestic financing and encourage the entry of high level foreign partners to explore our large reserves of iron and phosphate, for example,” he added.

The president also called for the government to draft a “real action plan” on the development of renewable energy sources.

Energy and Mines Minister Youcef Yousfi forecast growth in output of hydorocarbons thanks to an “effort to optimise the exploitation of deposits”.

Algeria intends to invest 286 billion dollars in its energy sector according to its 2010-2014 energy sector plan.