Algerian state-run oil company Sonatrach has signed a memorandum of understanding with Russia's energy corporation Lukoil on the potential investment in geological exploration and production in Algeria, Sonatrach said in a press release on Monday
MOSCOW (Pakistan Point News / Sputnik - 04th May, 2020) Algerian state-run oil company Sonatrach has signed a memorandum of understanding with Russia's energy corporation Lukoil on the potential investment in geological exploration and production in Algeria, Sonatrach said in a press release on Monday.
"Sonatrach and Lukoil have signed a memorandum of understanding to initiate discussions to determine the possibilities of both parties for joint investment in geological exploration and fuel production in Algeria," the press release said, adding that the companies will also look into possibilities of cooperation elsewhere in the world.
Algeria, along with Morocco and Egypt, are currently the three leading trading partners of Russia in Africa with energy being one of the main areas of cooperation.
Russia's Rosneft and Gazprom Neft are implementing joint projects with Algeria's Sonatrach.
Earlier in April, Sonatrach also signed a memorandum of understanding with Russia's Zarubezhneft, which allowed to launch talks on the exploration, development and production of hydrocarbons in Algeria.
