Algeria Sonatrach and Bolivia State Petroleum Company YPFB signed a memorandum of understanding, including cooperation between the two oil companies in the exploration and exploitation of hydrocarbons, APS reported quoting a source from the Algerian company.
The memorandum was signed by Algerian Head of Sonatrach, Abdelmoumene Ould Kaddour and the GM of Bolivia State Oil Company YPFB, Oscar Javier Barriga Arteaga, on the sidelines of the first international forum on gas, petrochemicals and green fuels, which concluded last Friday in the Bolivian Santa Cruz.
The two companies have pledged to agree to establish a framework for cooperation in the fields of petrochemicals and marketing of gas and petroleum net products with the possibility of establishing partnerships to this end like it is provided in the the agreement for the exchange of information, including those related to rules and regulations that are governing the exploration of hydrocarbons.
Sonatrach plans to boost its investment presence in Latin America, with an oil and gas field in Peru with the US-based Hunt Oil Group, South Korea’s SK energy and Peru’s Tecpetrol.
Ould Kaddour’s visit to Peru and Bolivia is part of Sonatrach’s new strategy that will allow the company to enter new markets and acquire investment projects in the international market.