Posted by: Xinhuanet

Algeria and the United Arab Emirates (UAE) on Tuesday agreed to boost bilateral energy cooperation, Algerian Energy Ministry said in a statement.

The agreement was reached between Algeria’s Energy Minister Mustapha Guitouni and visiting UAE Minister of Economy Sultan bin Saeed al-Mansoori in Algiers, the ministry said.

During the meeting, they discussed investment opportunities, particularly in the field of exploration and development of hydrocarbon production capacity, it said.

In November 2016, Algerian energy giant Sonatrach and the energy group of Cepsa, in which the Emirati IPIC group is the sole shareholder, agreed to extend the development contract of oilfield of Rhourde er Rouni II in southern Algeria for ten years.

The two companies also signed a memorandum of understanding to extend the development contract of the RAF (K) oilfield in the south of Algeria for a period of 25 years, in addition to a draft agreement to acquire the oilfield of Bir el Msana in the south of Algeria.

The visit of UAE economy minister to Algeria came as part of the 14th Algerian-Emirati joint committee held Monday in Algiers.

The UAE minister of economy revealed that the volume of UAE investments in Algeria amounted to 10 billion U.S. dollars.