Algeria’s national oil company (NOC) Sonatrach has signed a memorandum of understanding (MoU) with equipment manufacturer Stream-Flo Industries to set up a joint venture specialized in manufacturing components for the oil and gas industry.
The MoU was signed in Algiers on July 30 and will enable Sonatrach and Stream-Flo to manufacture wellhead components, production heads and oil and gas equipment accessories.
Signed by Sonatrach CEO Rachid Hachichi and Stream-Flo Industries CEO Mark McNeill, the agreement serves as part of the NOC’s development plan that aims to strengthen local manufacturing, specialized training and the transfer of knowledge and technology.
