Algerian state-run energy giant Sonatrach and Russian Lukoil signed a memorandum of understanding (MOU) on potential investment opportunities in the exploration and production of hydrocarbons in Algeria.
The MOU encourages Sonatrach to seek new investments abroad, said a statement from the Algerian group on Monday.
On April 20, Sonatrach signed a similar MOU with the multinational ExxonMobil energy giant.
Algeria relies on hydrocarbons revenue to finance its public spendings and investments as well as covering its imports bill. Enditem
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