Algeria's state-owned energy company Sonatrach has signed a $5.4 billion oil and gas contract with Saudi corporation Midad Energy, as reported by the television channel Ennahar Online.
Midad Energy will conduct exploration and production of oil and gas in Algeria's Illizi Basin. The contract is set for a duration of 30 years, with an option to extend for an additional ten years.
The CEO of Sonatrach, Rachid Hachichi, stated that by the end of the contract period, the consortium plans to extract approximately 993 million barrels of oil.
Earlier in October, Algerian media reported that the country will launch two iron ore processing plants in 2026 as part of the Gara Djebilet project. Algerian authorities expect these new facilities to strengthen the country's industrial sovereignty and ensure its independence from iron ore imports.
Anna Bespalova
