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Algeria's Sonatrach signs $490 million oil production agreement with China's Sinopec

May 28, 2022 at 06:38 am EDT

ALGIERS (Reuters) - Algeria's national oil company Sonatrach has signed a $490 million production sharing contract with China's Sinopec, covering the Zarzaitine area in the basin of Illizi.

Sonatrach's CEO Tewfik Hakkar said that the 25-year deal would secure 95 million barrels of oil overall.

(Reporting by Lamine Chikhi;Editing by Kirsten Donovan)

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Algeria's Sonatrach signs $490 million oil production agreement with China's Sinopec

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