Algiers – A significant partnership agreement was signed Wednesday in Algiers between Sonatrach, Algeria’s national oil company, and PetroVietnam, the Vietnamese state-owned oil and gas corporation. This agreement aims to unlock fresh opportunities for collaboration in hydrocarbon exploration and production.
The agreement was formalized by Sonatrach’s CEO, Noureddine Daoudi, and his counterpart from PetroVietnam, Le Ngoc Son. The signing ceremony was held under the supervision of the Algerian Prime Minister, Sifi Grib, and his Vietnamese counterpart, Pham Minh Chinh.
The event took place during the Algerian-Vietnamese Forum, co-chaired by Prime Ministers Grib and Minh Chinh. The forum was attended by government officials, the Director-General of the Algerian Investment Promotion Agency, Omar Rekkache, and the President of the Algerian Economic Renewal Council, Kamel Moula, alongside approximately 200 business representatives from both nations.
This partnership signifies a strengthening of economic ties between Algeria and Vietnam, particularly in the strategic energy sector. The agreement is expected to facilitate the sharing of expertise and resources, potentially leading to increased hydrocarbon output and new discoveries.
In addition to the Sonatrach-PetroVietnam agreement, a separate partnership was also established between the Algerian company ‘Cycle Food’ and the Vietnamese ‘Joint Stock Company’, further demonstrating the growing economic cooperation between the two countries.
This series of agreements highlights Algeria’s commitment to fostering international partnerships to enhance its economic development and strengthen its position in the global energy market.
