Algeria’s state energy giant Sonatrach signed two significant agreements on Tuesday in Algiers, targeting the development of the Hassi Bir Rekaiz field in the Berkine Basin (Ouargla and El Oued) and petroleum product exports to Egypt.
The first deal is an engineering, procurement, and construction (EPC) contract between Sonatrach and Thailand’s PTTEP—co-venturers in the Hassi Bir Rekaiz field—and a consortium of Egypt’s Petrojet and Italy’s Arkad, aimed at advancing this key asset.
This contract exceeds one billion dollars in value, as announced during the signing ceremony.
The second agreement is a memorandum of understanding between Sonatrach and Egypt’s national oil company EGPC, laying groundwork for sales contracts of crude oil and petroleum products from Sonatrach to Egypt.
The signing was co-chaired by State Minister for Hydrocarbons Mohamed Arkab and Egypt’s Minister of Petroleum and Mineral Resources Karim Ibrahim Ali Badawi, with attendees including Sonatrach CEO Nour Eddine Daoudi, Petrojet board chairman Waleed Lotfy, and EGPC CEO Salah El-Din Abdel Kerim.