Energy: Sonatrach repurchases ABB shares in Sarpi Company

March 14th, 2018

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APS : Tuesday, 13 March 2018

ALGIERS- The Algerian company for industrial projects “Sarpi,” a joint stock company created in June 1992 in partnership between Sonatrach and ABB (Italy),
belongs from now on to Sonatrach group which has purchased 50% of ABB’s shares.

An agreement was signed Tuesday, in Algiers, between the two partners for the transfer of ABB’s shares in Sarpi Company to the national oil company Sonatrach, in the presence of Sonatrach’s CEO Abdelmoumene Ould Kaddour and President of ABB group in the MENA region Joachim Braun.

“We have made big and challenging projects with Sonatrach in the past 25 years. There was a special relation between ABB and Sonatrach,” said Braun.

“Working with Sonatrach group in an honor,” he said, adding that the two partners have had projects together while respecting the standards in terms of health and security.

According to him, the transfer of ABB’s shares to the national company Sonatrach occurs as a result of the change in model business of the pole of ABB engineering, supply and construction (EPC).