ALGIERS-Saudi Minister of Commerce and Investment Majid bin Abdullah Al-Gassabi announced Wednesday in Algiers a memorandum of understanding (MoU) between Sonatrach group and Saudi company “SABIC” on the implementation of partnership projects in petrochemistry would been sealed soon.
The MoU provides for three projects in petrochemistry likely to consolidate bilateral partnership in this field, stated the Saudi minister after a meeting with Energy Minister Noureddine Bouterfa.
“We noted promising investment opportunities in petrochemistry in Algeria. Both countries have significant gross wealth that encourages partnership, and this is what we seek currently,” added Al-Gassabi.
The Saudi official hoped this agreement “will bring new prospects to a sustainable bilateral partnership in this field,” and stressed “Algeria had a key strategic position, a door to access to African and European markets. This is an addition asset that favours partnership and investment.”
The meeting was an opportunity to discuss investment and partnership opportunities between the two countries, notably in the field of petrochemistry.
Bouterfa highlighted the need for boosting bilateral relations through major energy projects with structural impact, with a view to enhancing both countries’ competitiveness.
Both officials underscored the importance of discussing the implementation of new partnership projects between the two countries and exchange of knowhow and technologies in the long term, notably between Sonatrach and SABIC.
Sonatrach CEO Amine Maazouzi affirmed in a statement to APS on the sidelines of the meeting that a MoU between Sonatrach and SABIC was finalized, and it would be inked in the upcoming days.
Source: Sonatrach, SABIC to seal agreement on petrochemistry soon
