Economics and Business

Algeria’s Sonatrach Oil Company to resume operations in Libya

Libyan Cloud News Agency – Tripoli

The National Oil Corporation (NOC) signed a Memorandum of Understanding (MOU) with Algeria’s Sonatrach Oil Company to boost joint cooperation.  

The Chairman of NOC Mustafa Sanallah and the CEO of Sonatrach Toufik Hakkar signed the MoU in Tripoli on Thursday.

As per the MoU, Sonatrach will resume exploratory operations in Libya and develop the discovered oil fields in the near future.

Hakkar stated that Sonatrach has been in Libya since 2010, and it has three exploration sites, adding that the volume of investments in Libya exceeds 150 million dollars.

For his part, Sanallah explained that Sonatrach is due to complete its work in Libya, specifically in the Ghadames Basin, where it has three exploratory blocks.

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