The resource, especially natural gas, is responsible for most of Algeria’s foreign exchange earnings and has formed a major part of BHP Billiton’s international expansion.

According to Bouteflika, “It is vital that our country disengage progressively from dependence on hydrocarbons and start to prepare the ‘after-oil’ economy in the context of accelerated globalisation.”

“Algeria must envisage partnerships and privatisation of state-owned companies. But in no case is it a question of selling off the national patrimony or divesting ... the nation’s strategic interests in any manner,” he added as a reassurance to Algerians who fear the negative aspects of privatisation.

Bouteflika made these comments in a speech outlining his new five-year plan for the country. He recently won 85% of the vote in an election see by many as being less than fair.