- Algeria’s state owned firm, Sonatrach has announced its plans to go into a joint venture with two Egyptian companies, the firm’s statement has revealed. The total investment could be around USD15 billion though it is not yet confirmed.
According to the statement, the company would meet with Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC) on Sunday to discuss the joint venture legalities.
Local reports have suggested that Sonatrach will hold a majority stake in the new company, Selena, and the two Egyptian companies will share the remaining portion of the new endeavor.
“The firm will be in charge of exploration and production to find oil and gas in Egypt, Algeria and in third countries,” statement said.
The deal comes as Sonatrach looks to the greater African continent as a means of expansion.
The statement said the company is looking to begin the new company as quickly as possible, in order to move it forward in a timely fashion. The company’s president will rotate from an Egyptian company to the Algerian.
“If the president is Algerian then the vice president will be Egyptian and they will alternate every three or four years,” it read.
Deals between Algeria and Egypt did not seem likely only a few weeks ago after the World Cup qualifying matches between the two nations led to violence in both countries, with Egypt removing its ambassador to Algeria before allowing him to return this week.
The violence, however, is not likely to interfere in the current deal, which all sides said would generate new capital for both countries and move toward greater expansion across Africa.
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