Algeria's Sonatrach, Indonesia's Pertamina sign agreement to boost partnership

The memorandum also includes cooperation for crude oil and LPG shipping, as well as renewable energy

  
Oil drilling rig operation on the oil platform in oil and gas industry. Industrial concept. Image used for illustrative purpose.

Oil drilling rig operation on the oil platform in oil and gas industry. Industrial concept. Image used for illustrative purpose.

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ALGIERS - Algeria's oil and gas company, Sonatrach, on Monday signed a memorandum of understanding with Indonesia's Pertamina to boost cooperation in upstream projects, the North African country's state company said.

The memorandum also includes cooperation for crude oil and liquefied petroleum gas (LPG) shipping, as well as renewable energy, Sonatrach said in a statement.

OPEC member Algeria approved a new energy law in late 2019 offering incentives to foreign investors including easing the tax burden. It was aimed at improving production and exports, which have fallen in recent years due to higher domestic consumption and a lack of foreign investment.

(Reporting by Hamid Ould Ahmed in Algiers Editing by Matthew Lewis) ((hamid.ouldahmed@thomsonreuters.com;))