Trust Algeria has won a tender for the insurance of well operations carried out by the state-owned hydrocarbons company Sonatrach. This nine-months insurance policy covers well drilling, exploitation and maintenance risks, as well as risks resulting from pollution, contamination and restoration works.
Trust Algeria is a partnership between Algeria, Bahrain and Qatar, operating since 1997, with 1.8 billion Algerian dinars ($22.5 million) in registered capital. The company specialized in covering high-technology risks.
The Algerian Company of Insurance and Reinsurance (CAAR), Algerian Insurance Society (SAA), La Caat and the International Company of Insurance and Reinsurance (CIAR), were all competing against Trust Algeria for the tender.
Sonatrach (Entreprise Nationale Sonatrach) is the state-owned oil and gas producer and refiner of Algeria. The company also owns fertilizer plants and petrochemical facilities. It is structured as a holding company with five major operating subsidiaries. — (menareport.com)
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