Algeria’s national oil company Sonatrach and Spain’s Cepsa have signed a Memorandum of Understanding (MoU) to analyse joint growth opportunities in the exploration, development and production of hydrocarbons in Algeria and internationally.
The signing of this agreement will allow Sonatrach and Cepsa to consolidate their current alliance by seeking new opportunities for cooperation.
At an official event at Sonatrach's headquarters in Algiers, the Memorandum of Understanding (MoU) was signed by the heads of both companies, Toufik Hakkar, CEO of Sonatrach, and Philippe Boisseau, CEO of Cepsa. The signing of this agreement will consolidate the existing alliance between Sonatrach and Cepsa.
For Sonatrach, the finalisation of this memorandum confirms its desire to strengthen its alliance policy, in particular within the framework of hydrocarbon activities Law, which aims to increase hydrocarbon reserves and production levels.
For Cepsa, this agreement with Sonatrach represents a strategic alliance that continues the long and fruitful collaboration between the two companies during more than three decades, and reaffirms Cepsa's desire to continue its growth in Algeria alongside its reference partner.