Oil & Gas


ALGERIA PARTNERS WITH CHEVRON, RESOLVES DISPUTE FOR ENERGY SECTOR GROWTH.

Irene Jerry
5 months, 1 week

Algeria is venturing into new territory in energy industry growth by forging alliances with prominent international developers to tap into its vast potential in the oil and gas sectors. in a recent development, Algerian energy giant Sonatrach and its us counterpart Chevron have signed a memorandum of understanding to explore opportunities for developing hydrocarbon resources in areas of mutual interest within the Ahnat and Berkine basins.

This memorandum reflects Algeria's vision for advancing the energy sector and the appealing investment climate it offers to major foreign corporations. it also underscores Algeria's commitment to leveraging its natural and human resources to achieve economic and social progress, as highlighted by the washington-based specialized energy platform.

Under the agreement, Sonatrach and Chevron aim to boost operational efficiency, leverage advanced technologies, and adopt best practices in environmental sustainability. Rachid Hachichi, CEO of Sonatrach, welcomed the collaboration with Chevron, emphasizing the latter's global standing in the oil and gas industry.

Meanwhile, disputes between Sonatrach's asmidal and spain's grupo villar mir have reached resolution. after a dispute stemming from villar mir group's desire to sell its shares in fertil, both parties resorted to international arbitration. however, negotiations led to a settlement, with villar mir group transferring all its shares in fertil to asmidal group, ultimately bringing an end to the dispute and transferring full control of fertil fertilizers to asmidal.


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