APS : Thursday, 09 November 2017
ALGIERS- National oil company Sonatrach and American company Baker Hughes General Electric (BHGE) signed Thursday,
in Algiers, an agreement for the creation of a joint company for the local production of equipment destined to oil and gas industry and localisation of related services.
The signing ceremony took place in the presence of Minister of Energy Mustapha Guitouni, Chief Executive Officers of Sonatrach, BHGE, BHGE of the Middle East, Africa and Turkey Abdelmoumen Ould Kaddour, Lorenzo Simonelli and Rami Qasem, respectively, as well as the ambassador of Italy to Algiers Pasquale Ferrara and representatives of US embassy.
The investment is budgeted at USD45 million in the first phase of the project which will be operational in December 2019, before reaching USD200 million in the long term, said the project’s stakeholders in the signing ceremony.
The capital of this joint company, called Sonatrach General Electric petroleum equipment company (Sogepec SPA), is DZD4 billion, 51% of which is detained by Sonatrach and 49% by BHGE.
This company will be specialized in the manufacturing, assembly and maintenance of various types of pressure control equipment such as wellheads, establishing thus an important basis to meet Algeria’s upstream growing need.
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