Petroleum Africa
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Wednesday, July 25, 2018
Sonatrach, the state-run oil and gas firm of Algeria, is reportedly in talks with a number of oil majors and trading firms to start an oil trading JV.
According to a Reuters report, potential JV partners include BP, Total, Shell, Chevron, Repsol, and Vitol.
The state-run firm signed a contract this year with Vitol to receive products in exchange for crude, its first such deal in decades, and in May agreed to buy Exxon’s 175K bpd Augusta refinery in Sicily.
One of the aims of Sonatrach’s new venture reportedly would be to supply crude to the Italian refinery and help manage the sale of oil products such as gasoline, diesel and jet fuel to Algeria and other markets.
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