ALGIERS- National Hydrocarbon Group Sonatrach and Spanish Group CEPSA signed Wednesday, in Algiers, a memorandum of understanding (MoU) to examine joint investment possibilities in the field of exploration, development and production of hydrocarbons in Algeria and internationally.
The memorandum of understanding was signed by the CEO of the Sonatrach Group, Toufik Hakkar, on the Algerian side, and the CEO of the CEPSA Group, Philipe Boisseau, on the Spanish side, at the headquarters of Sonatrach, in the presence of several managers and senior executives from both companies.
The signing of this protocol will allow the two parties to “consolidate their existing partnership through the search for new opportunities for cooperation in hydrocarbons”, indicated Mr. Hakkar, recalling that CEPSA is a “historical” partner for Sonatarch and the collaboration between both parties had started in 1992.
The person in charge, in this sense, underlined the existence of four (04) contracts of production and exploitation of hydrocarbons in force until 2040 between Sonatarch and CEPSA, adding that there is also a commercial relationship on natural gas and LNG with CEPSA which is an “important” client of Sonatrach.
Thus, he added, this relationship will be strengthened with the production of gas in a few areas in Algeria, while in Spain, Sonatrach is a partner of CEPSA on two projects, dedicated to the marketing of gas and the production of electricity.
Stressing that the two parties will continue to work with the win-win spirit, Mr. Hakkar, clarified that “the memorandum of understanding concluded will allow a partnership on all the chain of hydrocarbons (oil and gas) to seek new opportunities in Algeria and internationally “.
For his part, Mr. Boisseau considered that CEPSA’s partnership with Sonatarch is “essential”, adding that the cooperation is a long-term, wishing to develop these relations for the realization of joint projects”.