Algerian state oil and gas company Sonatrach and US major Conoco Inc. have put their names to a cooperation agreement covering joint development projects in "Algeria and abroad," according to a report from the Organization of Petroleum Exporting Countries' news agency, OPECNA.
Sonatrach chief Abdelhak Bouhafs said the agreement would involve the "whole hydrocarbons chain, including refining, transportation, marketing, and even an extension into the power generation sector."
During a joint press conference it was stated that one of the first projects to be taken on jointly could involve the Turkish market, where there is a "great need for power stations."
The Turkish market is seen as good starting point for the new venture, as Sonatrach exports gas to Turkey, and Conoco has experience in power sector activities.
A joint Sonatrach-Conoco committee has also been set up to identify potential projects in Europe, particularly Spain.