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SONATRACH & the Spanish Group CEPSA Sign a Memorandum of Understanding

Source: 7/30/2020, Location: Africa

The SONATRACH Group and the Spanish CEPSA Group signed a memorandum of understanding (MoU) in Algiers to examine the possibilities of joint investments in the fields of exploration, development and production of hydrocarbons in Algeria and internationally.

The memorandum of understanding was signed by the CEO of the SONATRACH Group, Toufik Hakkar, on the Algerian side, and the CEO of the CEPSA Group, Philipe Boisseau, of the Spanish side, at the headquarters of SONATRACH, in the presence of several managers and senior executives from both companies.

The signing of this protocol will allow the two parties to “consolidate their existing partnership through the search for new opportunities for cooperation in hydrocarbons”, indicated Mr. Hakkar, recalling that CEPSA is a “historical” partner for SONATRACH and the collaboration between both parties had started in 1992.

The person in charge, in this sense, underlined the existence of four (04) contracts of production and exploitation of hydrocarbons in force until 2040 between SONATRACH and CEPSA, adding that there is also a commercial relation on natural gas and LNG with CEPSA which is an “important” customer of SONATRACH.

Thus, he adds, this relationship will be strengthened with the production of gas in a few areas in Algeria, while in Spain, SONATRACH is a partner of CEPSA on two projects, dedicated to the marketing of gas and the production of gas. 'electricity.

Stressing that the two parties will continue to work with a win-win spirit, Mr. Hakkar, clarified that “the memorandum of understanding concluded will allow a partnership on all the chain of hydrocarbons (oil and gas) to seek new opportunities in Algeria and internationally ”.

For his part, Mr. Boisseau considered that CEPSA's partnership with SONATRACH is “essential”, adding that the cooperation is long-term and “we wish to develop these relations with SONATRACH in the joint projects that we have or 'others who will come in the future ”.

Showing his satisfaction with the signing of this memorandum of understanding, Mr. Boisseau said that it “will strengthen close relations”, and thanks to him, “the two companies will jointly seek other opportunities”.

It should be remembered that through the conclusion of this memorandum, SONATRACH confirms its desire to consolidate its partnership policy, in particular within the framework of the provisions of the new law on hydrocarbon activities, aimed at increasing hydrocarbon reserves and production levels (APS)

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