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Consolidate existing relationships.
Already linked by partnerships in the energy sector, Algeria and China are consolidating their relations in this area and are looking for new opportunities, particularly in the areas of exploration and renewable energies.
It is in this sense that the Sonatrach Group has signed a memorandum of understanding (MoU) with the Chinese company Sinopec, aimed at consolidating their existing relations and expanding their cooperation, through the search for new opportunities. of partnership, indicated a press release from Sonatrach.
The document was signed this Friday in Beijing, at the headquarters of the Chinese company, in the presence of the CEO of the Sonatrach Group, Rachid Hachichi, and the CEO of Sinopec, MA Yongsheng as well as senior executives of the two companies.
This memorandum of understanding “aims to consolidate existing relations between the two companies and to expand cooperation through the search for new partnership opportunities across the entire hydrocarbon value chain, particularly in the areas of exploration. and the development of complex reservoirs, renewable energies, petrochemicals, petroleum engineering and skills development,” explained Sonatrach, who specified that this signing takes place within the framework of a working visit carried out by Mr. . Hachichi in the People’s Republic of China, accompanied by a delegation made up of senior executives from Sonatrach.
The press release also recalled that the Sinopec company has been present in Algeria since 2002 and operates the Zarzaitine deposit with Sonatrach, within the framework of a hydrocarbon contract signed in May 2022, under the aegis of the law. n 19-13 governing hydrocarbon activities.
The CEO of Sonatrach also met his counterpart from China National Petroleum Corporation (CNPC), Hou Qijun, with whom he discussed several subjects linked in particular to cooperation in the field of hydrocarbons.
The bilateral meetings between the delegations of the two companies focused on “subjects linked to hydrocarbons, new and renewable energies, digital transformation and advanced technologies in the exploration and production of hydrocarbons”, specified the company Sonatrach, noting that CNPC is “the largest producer and supplier of oil and gas in China, in addition to being one of the largest oilfield service providers in the world.”
“Its operations cover all stages of the oil and gas industry value chain and it enjoys a global reputation in the field of engineering infrastructure,” according to Sonatrach, which explains that “this meeting is part of as part of Sonatrach’s efforts to explore new cooperation and investment opportunities with Chinese partner companies. It made it possible to review “ways to strengthen existing relationships and explore new prospects for cooperation with CNPC, a major player in the global oil sector recognized for its technological expertise”.
New and renewable energies also constituted an important point of discussions between the two parties, in line with the efforts of the Sonatrach company to modernize and improve its operations, through digital transformation and the adoption of advanced technologies, reported the Sonatrach, which indicates that “this visit and the discussions which took place helped to highlight Sonatrach’s desire to strengthen and expand its strategic partnerships with Chinese companies”.