Continental Focus, International Reach

Algeria/ExxonMobil Deal to Conclude

Wednesday, January 16, 2019

Algeria and ExxonMobil will conclude a deal and set up a trading JV before the end of H1 2019, Sonatrach’s CEO Abdelmoumen Ould Kaddour said.

“We are very optimistic, and things are moving in the right direction, so we will conclude with Exxon and have our trade JV,” the CEO told reporters. No further details were offered by Ould Kaddour.

Sonatrach has previously said it wanted a shale gas cooperation with the U.S. major. Sonatrach also said previously that it was in talks with more than a dozen international companies over a JV to trade oil and gas products after agreeing to buy its first overseas refinery.