LNG

Sonatrach, the Algerian national energy company and LNG producer, said it signed an agreement worth US$490 million with Chinese major Sinopec in the form of a production sharing contract for the Zarzaitine block in the Illizi basin of eastern Algeria.

Sonatrach, the Algerian state energy company and operator of two liquefied natural gas export plants, and Sinopec of China, an importer of LNG from nations like Australia, have signed an accord to extend and broaden the Chinese major’s 20-year oil producing role in the North African country.