Sonatrach signs $105 million oil contracts with foreign investors
The Algerian Fuels Corporation (Sonatrach) has signed seven oil and gas exploration contracts worth $105 million with foreign companies, reported the Algerian Energy and Mining Ministry. Sonatrach is the 12th largest petroleum corporation in the world.
Established in 1963, Sonatrach was the first oil company in the Mediterranean. The company is active in both upstream and downstream oil and gas industries. It is responsible for exploration and production, transport, refining, processing, marketing and distribution.
The company also has an important role in the chemicals industry of Algeria, owning fertilizer plants and petrochemical facilities. It has over 48,000 employees and approximately 120,000 when including its subsidiaries.
Algeria is highly dependent on the oil industry. Despite years of effort to diversify its export and revenue bases, oil and gas traditionally represent 95 percent of total exports, 60 percent of state revenue and 25 to 35 percent of the Gross Domestic Product (GDP). — (menareport.com)
© 2002 Mena Report (www.menareport.com)