The national oil company (NOC) of Algeria Sonatrach and Egyptian technical services company Petrojet have signed a memorandum of understanding (MoU) to explore the feasibility of establishing a joint venture (JV).
The JV will specialize in the design and manufacturing of static pressure equipment – certified by professional association the American Society of Mechanical Engineers – for the oil industry and the provision of related services.
The MoU was signed by Soantrach Chairman and CEO Rachid Hachichi and Petrojet Chairman and CEO Waleed Lotfy on August 5 and falls in line with the NOC’s strategy to facilitate high value-added partnerships aimed at the local manufacture of high-tech oil equipment.
The MoU also falls within the framework of an October 2022 agreement between the Algerian Ministry of Energy and Mines and the Egyptian Ministry of Petroleum and Mineral Resources to foster international partnerships.
