London, UK | – Algeria’s state-owned energy firm, Sonatrach, said last week it signed a cooperation agreement with French oil supermajor Total to build a “world-class” petrochemical facility in Algeria, Nogtec reports.
In a short statement, Sonatrach said Total will carry out a feasibility study to evaluate the project, but it didn’t provide details on the scale of investments or its production capacity.
Sonatrach and Total didn’t reply to Nogtec’s request for comment.
Earlier this year, Total filed a request for arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s. Algeria has said it was preparing to counter the claim, but expected little impact on business.
On Dec. 20, Sonatrach also signed an agreement with Turkish oil company BOTAS aimed at strengthening their existing and long-term relationship, and cooperation in the development of regional markets. The companies intend to explore opportunities to partner in the hydrocarbon chain in both Algerian and Turkey.