Occidental Petroleum to continue Anadarko’s investment in Algeria

Algeria has agreed to maintain Anadarko’s contract with state firm Sonatrach, and Occidental Petroleum Corp will continue investment in the OPEC member country, the energy ministry said.

Algeria has blocked Occidental Petroleum’s deal to sell Anadarko assets in the country to France’s Total .

“The energy ministry agreed for the maintenance of Anadarko Algeria Corporation in the association contract with Sonatrach and other companies,” the ministry said in a statement.

Occidental Petroleum has informed the ministry of its new strategic approach and its “commitment to continuing Anadarko Algeria Corporation activities in Algeria,” and it will seek new partnership opportunities, the statement said.

 

Via Reuters