China signed an agreement to exploit hydrocarbons in Algeria

China signed an agreement to exploit hydrocarbons in Algeria

The agreement for hydrocarbon exploitation is worth more than 450 million euros (File photo)

Authorities of the state hydrocarbon companies of China and Algeria signed an agreement for the production of oil for 25 years, the renovation of several gas extraction units and the creation of new wells in a town in eastern Algeria, in North Africa .

This was reported this Saturday by the Europapress news agency, stating that the Algerian company Sonatrach, and the Chinese Sinopec Oil & Gas Limited (SOOGL), announced the agreement for the exploitation of hydrocarbons worth more than 450 million euros (490 million dollars).

The Algerian Minister of Energy, Mohamed Arkab, witnessed the act where the vice president of Sonatrach, Mohamed Slimani, and the general manager of SOOGL, Wu Xiuli, signed the contract for the production of almost 95 million barrels of crude oil in the industrial village of Zarzaitine.

Arkab argued that “the renewal of hydrocarbon reserves requires further intensification of research and exploration efforts, through the use of international partnerships, including Chinese ones, to allow us to benefit from modern technology and techniques used in this field, sharing risks and costs “.

This announcement came while Algeria is intensifying its relations with Italy, from which it is separated by a few kilometers by the Mediterranean Sea, to increase its supply of natural gas by 50 percent.

Sonatrach and the Italian ENI also They have strengthened their collaboration in recent months with joint explorations that would result in a greater flow to Italy.

“Whenever the production increases we can supply it to Italy, which will send it to all the rest of Europe”explained the president of Algeria, Abdelmayid Tebune, in statements to the Italian agency AdnKronos.

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