Sonatrach bags $1.4 billion foreign investment in 2002
Twelve finalized deals have bagged Algeria's oil and gas company Sonatrach $1.4 billion worth of foreign investment in 2001. It is estimated that Sonatrach’s production through partnership ventures will reach 73 million tons oil equivalent (toe) by 2004, up from 24 million toe in 2000.
Of this total, seven exploration and development contracts account for a minimum of $177.5 million investment, signed with the US-based Anadarko Corporation, Denmark’s Maersk, the French TotalFinaElf, Spain’s Cepsa and France’s Gaz de Franc. Since 1986, Sonatrach has signed 53 joint-venture agreements with foreign oil companies in its upstream activities.
Deals have also been signed throughout the passing year with the Chinese Sinopec company, Germany's Linde, Norway's Bergesen, American FMC Sofec and a Japanese consortium of Itochu Corp and Mitsui & Company Ltd and.
The state-owned enterprise is a major international player, with a 2000 turnover of approximately $22 billion. Africa’s largest company, Sonatrach is the 12th largest petroleum company in the world, as well as the world’s second largest exporter of liquid petroleum gas (LPG) and the third largest exporter of natural gas, according to the Petroleum Intelligence Weekly. — (menareport.com)
© 2002 Mena Report (www.menareport.com)