Algerian oil company signs deal with Japanese shipwrights

Published November 2nd, 2004 - 02:00 GMT

Algerian oil company Sonatrach signed earlier this week in Algiers two deals with Japanese shipwrights Itochu and Mitsui for the purchase of two methane tankers of a capacity of 75,000 cubic metres (m3) of Liquefied Natural Gas (LNG).  

 

The agreement for financing this purchase was inked between Sonatrach, SNTM Hyproc (National Company for Maritime Transport of Hydrocarbons and Chemicals) and French bank Caylon. 

 

The project’s cost has been estimated at $160,000 million, financed up to 75 percent by Caylon, the bank’s representative told APS news agency. 

 

The two deals, signed by SNTM Hyproc Chief Executive Officer (CEO), in the presence of Energy and Mining Minister Chakib Khelil and Sonatrach CEO Mohamed Meziane, are related to the “Medmax” (Mediterranean Maximum) project. (menareport.com)


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