Today in Moscow OAO LUKOIL and Sonatrach, the Algerian state oil company, signed a Memorandum of Understanding on the subject of joint cooperation in the area of exploration and production of oil and gas fields and processing of oil and gas.
The Memorandum was signed during the meeting of Mr. Victor Khristenko, Minister of Industry and Energy of the Russian Federation, and Mr. Chakib Khelil, Minister of Energy and Mines of Algeria.
The Memorandum says that parties will promote joint cooperation by undertaking projects in the areas of exploration and production of hydrocarbons, processing and marketing of liquid hydrocarbons, and exchange of experience.
The signing of the Memorandum is the result of several rounds of negotiations between LUKOIL and Sonatrach, where opportunities for bilateral cooperation both in Algeria and Russia, as well as in third countries were discussed.
People's Democratic Republic of Algeria has high petroleum potential and developed economic infrastructure, making it one of priority countries for developing LUKOIL's international projects. Given the strategic importance of the North African region LUKOIL is currently working to establish its office in Algeria.
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LUKOIL Press Service
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© Press Release 2006
