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Sonatrach, Eni pledge to boost investment in Algeria's energy sector

Sonatrach, Eni pledge to boost investment in Algeria's energy sector

Mar 19, 2017
2 min read
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Algeria's Sonatrach and Italy's Eni are strengthening ties to boost investments in Algeria's energy sector, including in offshore and solar operations, officials from both companies said on Saturday, Reuters reported.

Eni, the biggest foreign investor in oil and gas in Algeria, held a board meeting at the Bir Rebaa North (BRN) oilfield in the southeast of the country on Friday evening, which it said was a way of showing its commitment to its partnership with Sonatrach.

"This is a symbolic Eni meeting to show how important Algeria is to us," Eni Chief Executive Claudio Descalzi said during the visit to BRN, according to Reuters.

"We have invested 11 billion euros ($11.8 billion) in Algeria since 2010, it represents 30 percent of our investment abroad," Descalzi said.

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