Economics Affairs

MofU between Sonatrach, SABIC to be signed next week

APS - 16 February 2017

ALGIERS- The Minister of Industry and Mining Abdessalem Bouchouareb announced Thursday, in Algiers, that Sonatrach group and the Saudi company SABIC reached, Wednesday, a partnership agreement in the sector of petrochemistry.

A delegation of the SABIC should arrive to Algiers next week for the signing of a memorandum of understanding and start the elaboration of an action plan over the next six months, said the minister.

Sonatrach received a favourable response to its request for the start of the study of the project planned between the two parties.

The minister dubbed the agreement a strong sign for the development of economic relations between the two countries, called to be raised to the level of political relations.

The memorandum of understanding focuses on three projects in the sector of petrochemistry able to open up promising prospects in terms of production, exchange of expertise, knowledge, and long-term technologies, he added.