Monday, 29 November 2021 09:17 GMT

Algeria's Sonatrach signs MoU with Statoil, BP to boost cooperation


(MENAFN) A memorandum of understanding to boost ties was confirmed to have been signed by Algerian oil and gas company Sonatrach with the UK's BP and Norway's Statoil.

The MoU appears as part of Sonatrach efforts to strengthen relations with oil giants that began ten months ago when its chief executive position was awarded to Abdelmoumen Ould Kaddour.

The new chief executive has already found resolutions to a number of clashes with international companies, such as rows with Spanish Saipem, Italian Eni and French Total.

The objective behind the MoU is also believed to be pushing further investment and technology to come towards Sonatrach, driving stagnant output boost in oil and gas.

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