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Monday, February 2, 2015
Sonatrach, Algeria’s state-run entity for its oil and gas industry, and US firm GE signed a MoU for the creation of a joint company to manufacture equipment for the oil and gas industry.
The joint company, in which Sonatrach will hold 51% stake through the oil services holding SPP, will manufacture drilling and production equipment, measurement tools, as well as provision for services and training.
The unit will manufacture drilling and production equipment, measurement tools, as well as provision for services and training.
The majority of employees will be Algerian.
At the signing ceremony the North African country’s Mines and Energy Minister, YoucefYousfi, underscoredSonatrach’s willingness to “acquire the necessary technology to speed up its development” in an international context marked by “an upheaval in the oil and gas industry.”
This upheaval is the result of the technological and scientific development in this industry which “hasn’t always been beneficial,” said the minister, adding that the drop in oil prices is one of this evolution’s effects.
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