ALGERIAN ENERGY GIANT INKS TWO OIL PIPELINE TRANSPORT CONTRACTS WITH RUSSIAN FIRM

ALGIERS, Algeria- Algerian energy giant, Sonatrach, on Wednesday, signed two contracts with the Russian transport company, Transneft, over security of liquid fuel transport, for the Sonatrach pipeline transport.

The first contract, with a period of 18 months, is worth 1.16 million euros (1.32 million U.S. dollars), while the second, due to run for six months, is worth 331,709 euros.

Abdelmoumen Oul Kaddour, Sonatrach’s CEO, said, the group’s new strategy focuses on “developing profitable partnerships with foreign companies, in order to acquire know-how and new technology.

“We are hoping that these two contracts are just the beginning of a long history of partnership, between Sonatrach and Transneft,” he noted.

Source: NAM NEWS NETWORK