Arab Finance: The Egyptian General Petroleum Corporation (EGPC) signed a memorandum of understanding (MoU) with Algeria’s oil and gas company Sonatrach to purchase Algerian crude oil, according to a statement.
The agreement aims to meet the needs of the local market and enhance the flexibility and sustainability of the supply chain, while reinforcing Egypt's position as a regional hub for oil trading.
Minister of Petroleum and Mineral Resources Karim Badawi stressed that the MoU represents an important step towards strengthening regional integration in the petroleum field. It also reflects the depth and strength of the bilateral relations between Egypt and Algeria, as well as the rapid development they are witnessing in various fields
It is worth noting that the MoU was signed by Salah Abdel Karim, CEO of the EGPC, and Noureddine Daoudi, Chairman and CEO of Sonatrach.
During his visit to Algeria, Badawi also witnessed the signing of Petrojet’s general contractor contract for Phase II of the Hassi Bir Rekaiz field development project in Algeria.
The company will handle the field development project, whose work scope includes the construction of a central processing plant with a capacity of 32,000 barrels per day, along with shared facilities to serve current and future expansions.
