Algeria’s state oil and gas firm Sonatrach and China’s Sinopec have signed an $850 million contract for hydrocarbon development and exploration in Sonatrach announced on Tuesday.
The agreement focuses on the exploration and development of [ Specify Oil, Gas, or Both ] reserves.
Sonatrach CEO Rachid Hachichi said during the signing ceremony that the company is currently in negotiations with seven other international companies, including Sinopec, for further hydrocarbon contracts.
These companies include Italy’s Eni, France’s Total, U.S. giants Chevron and ExxonMobil, and a Swedish firm, according to the Algerian state news agency.
The details of these potential agreements, including their scope and location, were not immediately available.
This $850 million deal represents a significant investment in Algeria’s energy sector, further strengthening ties between the two nations.