Turkiye, Algeria to Establish Joint Oil and Gas Exploration Company

SEATTLE (Oil Monster): Turkiye and Algeria have decided to establish a joint venture oil and natural gas exploration company. The announcement was made on the sidelines of the second edition of the Algerian Investment Conference.

As per announcement made by Faith Donmez, Turkish Minister for Energy and Natural Resources, the new company will indulge in oil and gas exploration activities, mainly in Algeria and also in other countries around the region. Turkish Pertroleum has already reached an agreement with Algeria’s national oil and gas company, Sonatrach, on establishment of the company.

ALSO READ:

Eni Ramps Up LNG Output at Mozambique Floating Terminal

Fire at Chevron El Segundo Oil Refinery Extinguished

Domez held bilateral negotiations with Algerian Minister of Energy and Mining Mohamed Arkab on promoting existing joint venture projects between the two countries and establishment of new projects in future. It must be noted that the two countries had agreed on setting up a joint petrochemical factory in southern Turkey.

The trade volume between the two countries is expected to increase from $4 billion in 2021 to around $5 billion this year. The two countries target to expand this to touch $10 billion at the earliest. The joint venture projects will further strengthen cooperation and expand bilateral relations, which in turn will help in achieving this goal.