Algeria's Sonatrach gets €1.6 billion finance package from European banks
Algerian state oil and gas company Sonatrach has signed financing agreements with six European banks for a total €1.6 billion ($1.92 billion).
According to a press release the six banks are Holland's ABN Amro, Belgium's ING Group, Spain's Banesto and Banco Santander, Germany's Commerzbank and DZ Bank. The financing aims to boost oil production to 1.5 million barrels per day by 2005 and raise gas exports to 85 billion cubic meters a year by 2010.
ABN Amro and ING Group contributed €500 million each to the financing agreement. Banco Santander provided €200 million, Banesto and Commerzbank contributed €150 million and DZ Bank contributed €100 million.
Sonatrach is the 12th largest petroleum company in the world. It is responsible for the management of the country's oil industry which encompasses organization of exploration, production, transport, refining, processing, marketing and distribution of oil, gas and related products. — (menareport.com)
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