Sonatrach improves cooperation with Huawei, Sinopec in technology, energy sectors
Date
6/12/2024 5:45:56 AM
(MENAFN) Algerian oil and gas giant Sonatrach has entered into a memorandum of understanding (MoU) with Huawei Telecommunications Algeria, aimed at advancing cooperation in digitization and information technology. The agreement was formalized at Huawei's headquarters in Shenzhen, China, highlighting a strategic move towards integrating advanced technological solutions within Sonatrach’s operations.
In a related development, Sonatrach announced it has also signed an MoU with Chinese energy company Sinopec, focused on broadening their collaborative efforts across various sectors of the hydrocarbons industry. This includes exploring new partnership opportunities along the entire value chain, with particular emphasis on exploration, the development of complex reservoirs, renewable energies, petrochemicals, petroleum engineering, and skill development. Sinopec, which has been active in Algeria since 2002, is already working with Sonatrach in the Zarzaytin reservoir under a hydrocarbons contract signed in 2022.
Additionally, Sonatrach and Sinopec have finalized a production-sharing agreement valued at USD490 million for the Zarzaytin region in the Illizi Basin. This 25-year agreement is projected to yield 95 million barrels of oil, underscoring the deepening ties and significant investments between the two companies in Algeria’s energy sector. These agreements reflect Sonatrach's strategic initiatives to enhance technological capabilities and expand its energy production and development projects through international partnerships.
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