Oman sovereign wealth fund in preliminary pact with Algeria for investment fund
CAIRO: The Oman Investment Authority signed a preliminary agreement with Algeria's Finance Ministry to establish an investment fund worth 115 million Omani riyals ($298.79 million).
The fund announced by the sultanate's sovereign wealth fund will focus on mining, food security and pharmaceutical industries, according to a statement by the OIA.
The agreement was signed on the sidelines of an official visit by Oman's Sultan Haitham bin Tariq al-Said to the North African country.
Several agreements were signed during the visit, including a term sheet between Algeria's state oil and gas firm Sonatrach and Oman's oil and gas drilling services firm Abraj Energy Services to evaluate setting up a joint venture for oil services.
The term sheet outlines the technical, legal and economic and commercial conditions to evaluate establishing an oil services joint venture company in Algeria between the two companies, Sonatrach said in a statement on Monday.
The joint venture will focus on drilling, well services and management of integrated projects in the Algerian market, according to the statement.
($1 = 0.3849 Omani rials) (Reporting by Menna Alaa El-Din and Jaidaa Taha; Editing by Leslie Adler and Edward Tobin)
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