Algeria’s state oil and gas firm Sonatrach and China’s Sinopec signed a contract for hydrocarbon development and exploration worth $850 million in the north African country, the Algerian company said on Tuesday.
Sonatrach CEO Rachid Hachichi said during the signing of the agreement that the company is currently negotiating with seven international companies for hydrocarbon contracts including Sinoepec, Italy’s Eni, France’s Total, U.S.’s Chevron and ExxonMobil as well as a Swedish company, the Algerian state news agency reported.
