Oman's Abraj, Algeria's Sonatrach partner for oilfield services venture
Oman's Abraj Energy Services announced on Tuesday that it signed a term sheet with Algeria's state-owned oil company Sonatrach to establish a joint venture specialising in integrated oilfield services (drilling, workover and well services).
The development follows a memorandum of understanding signed by the two companies on 24 April 2024 in Oman's capital Muscat.
The MSX-listed Abraj said the strategic partnership with Sontrach includes potential for global expansion.
Financial details weren't disclosed.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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