Sonatrach, Sinopec ink MoU to expand cooperation in energy sectors
Date
6/10/2024 8:14:31 AM
(MENAFN) In a significant development, Algerian state-owned company Sonatrach inked a memorandum of understanding (MOU) with Chinese firm Sinopec on Friday, aiming to extend their collaboration into various domains. The MOU delineates plans for expanded cooperation encompassing exploration, renewable energies, petrochemicals, petroleum engineering, and skills development.
The official statement from Sonatrach elucidated that the primary objective of the MOU is to fortify the existing ties between the two entities while concurrently seeking out novel partnership opportunities along the entire hydrocarbons value chain. Of particular emphasis is the exploration and development of complex reservoirs, as well as endeavors in renewable energies, petrochemistry, petroleum engineering, and fostering skill enhancement initiatives.
This strategic agreement materialized within the context of a working visit undertaken by Sonatrach's General Manager, Rachid Hachishi, to the Republic of China. The visit served as a platform to bolster bilateral relations and explore avenues for synergistic collaboration between the two energy giants.
Sinopec has maintained a presence in Algeria since 2002, marking over two decades of collaboration in the hydrocarbons sector. Together with Sonatrach, the companies are actively engaged in the exploitation of the "Zarzaytin" reservoir, pursuant to a hydrocarbons contract inked in May 2022.
This MOU underscores the commitment of both Sonatrach and Sinopec to deepen their partnership and leverage their collective expertise to navigate the evolving landscape of the global energy industry. As they forge ahead, the collaboration is poised to play a pivotal role in driving innovation, sustainability, and mutual growth within the energy sector.
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