Minister of Petroleum and Mineral Resources Tarek El Molla and Algerian Minister of Energy and Mines Mohamed Arkab signed Tuesday a memorandum of understanding (MoU) for cooperation in the gas, oil, and mining industries.
The deal involves exploring cooperation opportunities for marketing petroleum products, especially butane gas, and prospection, exploration, and production of gas and oil, according to a press release by the Ministry of Petroleum and Mineral Resources.
It also covers cooperation for establishing a joint company, whose scope of activities covers all Africa, to carry out joint studies and projects, and cooperation for converting conventionally fueled cars to natural gas-powered vehicles, and sharing expertise in national strategies for improving the hydrogen industry.
The two sides also agreed to form a joint team to execute the activities outlined in the MoU.
Meanwhile, Arkab voiced his country’s interest in building on the fruitful cooperation with Egypt, citing shared successes achieved by Egyptian companies and their peers in Algeria, including Egypt’s Petrojet and the Sonatrach Petroleum Corporation in Algeria.
Source: State Information Service Egypt