ALGERIA, IRAQ TO SIGN AGREEMENTS ON ENERGY, HYDROCARBON DEVELOPMENT SOON

Several agreements will be signed soon between Algeria and Iraq in the fields of energy and hydrocarbons development and sharing of experiences of their respective national oil companies, modernization of prospecting technology and implementation of joint projects, says Algeria's Energy Ministry.

The Ministry said in a statement issued after the signing of minutes of the meeting here between Algerian Energy Minister Mustapha Guitouni and the visiting Iraqi Oil Minister, Jabbar Ali Al-Lueibi, who had discussed the agreements concerned. The two sides agreed to sign at a future date, partnership agreements through joint ventures between Algeria's State owned hydrocarbons group Sonatrach and the Iraqi Ministry of Oil, represented by its oil companies.

The two sides also agreed to set up a co-ordination commission for communication and follow-up action, added the statement.

During their meeting, the two Ministers also stated that they focus also on the co-operation between Sonatrach and the Iraqi gas producing companies for better investments in terms of gas, prospecting, production and petrochemical and fertilizer plants.

The minutes of the meeting also covered the development of activities of their countries' respective oil companies and their experiences, the modernization of prospecting means and the implementation of joint projects in several sectors, in addition to training in oil price setting and marketing.

Source: NAM News Network