Algeria and Egypt have sealed a memorandum of understanding (MoU) in the fields of gas, oil and mines.
The cooperation deal was inked bewtween Tarek El Molla, the Egyptian Minister of Petroleum and Mineral Resources and Mohamed Arkab, the Algerian Minister of Energy and Mines.
Scope of deal
The MoU will see the two countries enhancing cooperation in the marketing of petroleum products, especially butane, identifying opportunities for cooperation in the field of research, exploration and production of gas and petroleum, and cooperating in studying the establishment of a joint venture.
It also lays the groundwork for collaboration in the establishment of a company whose scope of activity covers all of Africa to carry out joint studies and projects, in the conversion of conventionally fueled cars into natural gas-powered vehicles and in the exchange of expertise in national strategies for improving the hydrogen industry.
A joint working group will be set up to see through implementation of the activities mentioned in the MoU. Arkab stated that Algeria has successful cooperation with Egypt, which it is working to build on and invest in, pointing to the successes achieved by Egyptian companies on the Algerian side, including Petrojet, in cooperation with Sonatrach. He added that there are areas of cooperation that can be expedited, such as petrochemical projects.
