Algerian Sonatrach signs a $ 490 million oil deal with China’s Sinopec

The Algerian national energy company “Sonatrach” has concluded a production sharing agreement worth 490 million dollars with the Chinese Petroleum and Chemical Company (Sinopec) which covers thearea of Zerzaiten in the Illizi basin.

Toufik Hakkar, CEO of Sonatrach, said the 25-year deal would produce a total of 95 million barrels of oil.

In early May, Sonatrach awarded China a $ 520 million contract to build a methyl tert-butyl ether plant.

The project will enter in production in 2025, with a production capacity of 200,000 tons per year.

MTBE is a liquid chemical compound that is added to automotive fuels to improve performance and quality, rather than lead compounds.

Read More About: Business News