Two financing agreements between IDB and Sonatrach signed
Two agreements have been signed in Algiers between Algeria’s state-owned oil company, Sonatrach, and the Islamic Development Bank [IDB], for the financing of energy-related projects in the country, reported Algerian television.
Signing on behalf of Sonatrach was the company’s acting chairman, who also is the Algerian minister of energy, Chakib Khelil. IDB President Ahmad Muhammad Abid signed on behalf of the bank.
The first agreement, which is worth $31 million, is earmarked for the financing of an oil storage center and transportation facilities in Hassi Berkine as well as a pumping station in Nezla.
Algeria's main production fields are in the region of Hassi Berkine, which came on line in 1998. — (MENA Report)
© 2001 Mena Report (www.menareport.com)