Algeria's Sonatrach, Indonesia's Pertamina sign agreement to boost partnership

FILE PHOTO: The logo of the state energy company Sonatrach is pictured at the headquarters in Algiers, Algeria November 20, 2019. REUTERS/Ramzi Boudina/File Photo

ALGIERS (Reuters) – Algeria’s oil and gas company, Sonatrach, on Monday signed a memorandum of understanding with Indonesia’s Pertamina to boost cooperation in upstream projects, the North African country’s state company said.

The memorandum also includes cooperation for crude oil and liquefied petroleum gas (LPG) shipping, as well as renewable energy, Sonatrach said in a statement.

OPEC member Algeria approved a new energy law in late 2019 offering incentives to foreign investors including easing the tax burden. It was aimed at improving production and exports, which have fallen in recent years due to higher domestic consumption and a lack of foreign investment.

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