Sonatrach, the Algerian state-owned oil and gas company, has entered into an MOU with China Petroleum and Chemical Corporation (Sinopec).
The MOU seeks to explore new partnership opportunities across the hydrocarbon value chain.
It aims to deepen the collaboration between the two companies, particularly in exploration, renewable energy and petrochemicals.
The MOU was signed at Sinopec’s headquarters during a working visit to China by Sonatrach’s chairman and CEO Rachid Hachichi.
The visit included a delegation of senior Sonatrach executives.
The partnership will focus on complex reservoir development and skills training, among other areas.
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By GlobalDataSinopec has been operating in Algeria since 2002, managing the Zarzaitine deposit alongside Sonatrach under a hydrocarbon contract.
This new agreement follows recent MOUs Sonatrach has signed with other global oil giants including ExxonMobil and Eni.
The MOU with ExxonMobil will evaluate the potential for hydrocarbon resource development in Algeria’s Ahnet and Gourara basins.
Meanwhile, the agreement with Eni will kickstart exploration and exploitation in several Algerian regions including Zemoul El Kbar and Rhourde Messaoud Nord.
In addition to these strategic partnerships, Sonatrach recently awarded an engineering, procurement and construction contract for gas-boosting work at the Hassi R’Mel gas field, a critical component of Algeria’s energy infrastructure and a major energy source for Europe.
The $2.3bn (AD310.43bn) contract was granted to a consortium comprising Baker Hughes and Tecnimont, which is tasked with constructing new gas-boosting stations and upgrading more than 300km of gas-gathering flowlines.
