Renault is mulling the construction of plant in Algeria that could turn out 50,000 cars a year, the newspaper Le Monde reported, an account the company said was "speculation."

The newspaper in its editions dated Wednesday said the plant would be located in Ruibia, a suburb of the Algerian capital Algiers, according to AFP.

It added that the project had still to be approved by France's national investment committee, an inter-ministerial body. The French government has a 15% stake in Renault.

Renault would not confirm the Le Monde account.

"We are considering numerous projects and notably in Algeria," a spokeswoman told AFP, adding that the report concerning Ruiba was "just speculation."

The newspaper said Renault would team up with a local company, SNVI, which would have a majority stake in the new venture.

"It would make the site available but Renault with a 49% interest, would manage the plant," Le Monde said.

"About 50,000 vehicles would be produced each year, all of them for the (Algerian) national market," it added.

Citing a source close to the matter, Le Monde said Renault's investment would "exceed tens of millions of euros."

It added that the plant would assemble three models, the Logan, the Sandero and the Symbol.