Lukoil and Sonatrach Sign Cooperation Deal
OAO LUKOIL and an Algerian state oil company Sonatrach signed Memorandum of Understanding in Moscow. The Memorandum deals with issues of mutual cooperation in the area of oil and gas exploration, field development and petroleum refining.
The Memorandum was signed during the meeting of Victor Khristenko, Minister of Industry and Energy of the Russian Federation and Shakib Helil, Minister of Energy and Mines of Algeria, who is currently staying on a working visit in the Russian Federation.
The Memorandum stipulates that the Parties will contribute to mutual cooperation, while developing projects in the area of hydrocarbon search, exploration and development, refining and marketing of liquid hydrocarbon, and exchange of experience.
The signing of the Memorandum came as a final result of a series of negotiations between LUKOIL and Sonatrach, in the course of which potentials of bilateral cooperation both in Algeria and Russia and in other countries were being discussed.
People's Democratic Republic of Algeria possesses high petroleum potential and economic infrastructure, which makes it one of higher-priority countries for LUKOIL's international projects development.
At the present time, with due account for strategic importance of the North African region LUKOIL is engaged in opening its representation office in Algeria.
- Romania Closes One Case Against Russia's Lukoil, Related Trial Still On (Nov 17)
- Transneft: Oil Supplies to Lukoil's Norsi Refinery Suspended Due to Fire (Oct 05)
- Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
Company: Sonatrach more info
- Algeria Sends More Oil To Cuba As Venezuelan Supplies Fall (Jan 10)
- Algeria's Shale Gas Plans Will Take Time, Require Tough Reforms (Dec 29)
- Algeria's Sonatrach Chief Urges Oil Industry Reforms (Sep 18)