(MENAFN - Kuwait News Agency (KUNA)) ALGIERS, July 20 (KUNA) -- The Iranian coastguard's seizure of an oil tanker belonging to Algerian state oil firm Sonatrach in the world's most strategic oil chokepoint should have no bearing on the company's output, Algeria's energy minister said on Tuesday.
"Sonatrach has signed numerous lucrative contracts for petroleum transport that should contribute to substantial revenue," Mohamed Arkab told reporters.
Algerian authorities have been tightlipped on the incident, with the minister describing it as a "regular occurrence."
A Sonatrach oil tanker was forced to move towards Iranian territorial waters last week after crossing the Strait of Hormuz.
Friday's turn of events have been deemed by the West as a major escalation after three months of confrontation that has already pushed Iran and the United States to the brink of war. (end)