Algeria’s state oil and gas firm Sonatrach said on Friday that it has signed a memorandum of understanding (MoU) with China’s Sinopec which aims to expand cooperation, especially in the areas of exploration, renewable energies, petrochemistry, petroleum engineering, and skills development.
The signing of the MoU, marks a significant move aimed at strengthening bilateral relations and expanding collaboration in the energy sector.
The signing ceremony, was held at SINOPEC’s headquarters in Beijing. It had in attendance SINOPEC’s CEO, Mr. Ma Yongsheng, and Sonatrach’s president and CEO, Mr. Hachichi. The agreement underscores the commitment of both companies to deepen their existing relationship and explore new avenues of collaboration across the hydrocarbon value chain.
The scope of the agreement as mentioned in a press release by Sonatrach, include: various facets of the energy industry, such as the exploration and development of complex reservoirs, renewable energies, petrochemicals, petroleum engineering, and skills development. This comprehensive collaboration underscores the shared vision of Sonatrach and SINOPEC in pursuing mutually beneficial opportunities and addressing the evolving needs of the global energy landscape.
Partnership between Sonatrach and Sinopec began in 2002, when SINOPEC first established its presence in Algeria. The companies have since then, collaborates in several projects including the joint operation of the Zarzaitine oil field under a hydrocarbon contract signed in May 2022.
As Algeria continues to assert itself as a key player in the global energy market, partnerships with leading international firms like SINOPEC are instrumental in driving innovation, facilitating technological exchange, and supporting sustainable development initiatives.
