ALGIERS, Algeria, Dec. 18, 2000 (BUSINESS WIRE) Conoco Inc. (NYSE:COCA; NYSE:COCB) and Sonatrach, the national oil and gas company of Algeria, have signed a Memorandum of Understanding (MOU) to evaluate the potential use of Algerian natural gas reserves to fuel power generation projects in Algeria, Spain and Turkey.
“This protocol agreement marks the debut of a cooperation that will not be limited to only upstream oil and gas projects,” said Abdelhak Bouhafs, president and CEO of Sonatrach, during signing ceremonies earlier this month.
“The agreement establishes a framework for studying fully integrated energy projects that include the development, transportation and processing of Algeria’s natural gas reserves, and their use as a clean-burning fuel for electrical power generation,” Bouhafs emphasized.
Bouhafs said the feasibility study would take approximately one year to complete.
“Conoco is pleased to partner with Sonatrach in a program that could further develop Algeria’s natural resources and build fully integrated power systems in the region,” said J. Dee Simpson, president of Conoco Africa.
“We are well-positioned to partner with Sonatrach and take advantage of our respective strengths to develop strong positions in selected markets,” Simpson added.
Conoco is a major, integrated energy company active in more than 40 countries.