Algeria state oil firm signs deal with China-based Sinopec
Sonatrach, the state oil and gas firm in Algeria said on February 25th that it had signed a contract for hydrocarbon development and exploration worth $850 million in the Algeria with the China-based firm Sinopec, reported Reuters.
Sonatrach CEO Rachid Hachichi said while signing the agreement that the firm is currently negotiating with a number of international companies for hydrocarbon contracts.
These include Sinoepec, Italy’s Eni, France’s Total, U.S.’s Chevron and ExxonMobil in addition to a Swedish company, reported the Algerian state news agency.
Reuters
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