Algeria's energy giant Sonatrach inks 1.5-bln-USD deal with Petrofac to build petrochemical project-Xinhua

Algeria's energy giant Sonatrach inks 1.5-bln-USD deal with Petrofac to build petrochemical project

Source: Xinhua| 2023-05-18 22:25:30|Editor: huaxia

ALGIERS, May 18 (Xinhua) -- Algeria's state-owned energy company Sonatrach announced in a statement on Thursday that it has inked a contract worth 1.5 billion U.S. dollars with Britain-headquartered Petrofac to build a petrochemical project in Arzew Industrial Zone, west of Algiers.

The project consists of two major integrated processing units to produce 550,000 tons of polypropylene per year, and is expected to be completed in 42 months, according to the statement.

The project aims to boost Algeria's petrochemical industry and contribute to the country's industrial diversification efforts in a bid to boost economic growth, it added.

Petrofac has been active and awarded several energy projects in Algeria since 1997, when it opened its first office in Algiers.

Toufik Hakkar, CEO of Sonatrach, announced in January 2023 that the energy giant will invest 40 billion U.S. dollars in five years, 30 billion U.S. dollars of which will be used for oil and gas exploration and production, with the goal of safeguarding Algeria's energy security and ensuring a dependable supply to the global market.

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