Sonatrach and Sinopec Join Forces for Hydrocarbon Exploration in Algeria
Sonatrach and Sinopec Join Forces for Hydrocarbon Exploration in Algeria

Sonatrach and Sinopec Join Forces for Hydrocarbon Exploration in Algeria

  • 06-Mar-2024 2:33 PM
  • Journalist: Sasha Fernandes

Sonatrach, the Algerian government-owned titan in the oil and gas sector, has recently entered into a Memorandum of Understanding (MoU) alongside the formidable Chinese conglomerate, Sinopec. This strategic collaboration is poised to bolster and expand their alliance within the intricate domain of hydrocarbon exploration and exploitation. The MoU serves as a blueprint, meticulously outlining the parameters for cooperation between these two industry giants, with a keen focus on cementing a contractual agreement concerning the Hassi Berkane Nord exploration area. The terms and stipulations of this potential contract will be rigorously governed by Law No. 19-13, meticulously crafted to regulate activities within the realm of hydrocarbon exploration and exploitation in Algeria.

Sinopec, a veritable powerhouse in the global energy landscape, has maintained an active presence in Algeria since 2002. Presently, it partakes in a joint management initiative alongside Sonatrach Zarzaitine, as part of a mutually beneficial partnership contract meticulously crafted to optimize the extraction and refinement of hydrocarbons. As articulated in a statement disseminated by the Algerian entity, this freshly minted Memorandum of Understanding serves as a testament to Sonatrach's unwavering ambition to diversify its collaborative ventures and fortify its position within the expansive domain of hydrocarbon exploration and exploitation.

Established in 1989 under the guidelines of the International Business Companies Ordinance of 1984, Sonatrach Petroleum Corporation (SPC) was formally registered in the British Virgin Islands (SPC BVI). Since its inception, SPC has witnessed a consistent trajectory of growth and expansion.

Specializing in facilitating the trade of Liquids and Liquefied Petroleum Gas (LPG) products, as well as offering chartering services, SPC BVI operates through two branches situated in Algiers and London.

The London branch of Sonatrach Petroleum Corporation is duly registered with the Companies House, ensuring transparency and accountability. All essential documentation, encompassing financial statements and employee details, is made publicly accessible through the Companies House's official website.

Driven by a steadfast commitment to robust work ethics and policies, SPC BVI has established a commendable reputation within the Oil and Gas market through its prosperous endeavors. SPC BVI maintains ownership of various companies, including five LPG Vessels and one Very Large Crude Carrier (VLCC). These entities comprise Sonatrach Gas Carrier Corporation (SGCC/Reggane), Sonatrach Petroleum Overseas Transportation Corporation (SPOTC/Djanet), Alrar Transportation Corporation (ALTC/Alrar), Rhourd Enouss Transportation Corporation (RNTC/Rhourd Enouss), Hassi Messaoud Transportation Corporation (HMTC/Hassi Messaoud II), and New Ocean Shipping Venture Ltd (NOSVL/Mesdar).

Operating as a wholly owned subsidiary of Sonatrach International Holding Corporation (SIHC), which, in turn, is fully owned by Sonatrach S.P.A., SPC BVI exemplifies a clear hierarchy within the corporate structure. Sonatrach S.P.A. stands as the largest oil and gas company in Algeria and Africa, engaging in exploration, production, pipeline transportation, transformation, and marketing of hydrocarbons and by-products. Additionally, the Sonatrach Group is involved in distribution and refining activities through various holdings, national, and international partnerships.

Distinct from other members of the Sonatrach Group, Sonatrach Petroleum Corporation BVI operates as a separate legal entity, governed by its own Board of Directors and administration rules and procedures.

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