April 24, 2018 / 8:42 PM / a year ago

UPDATE 1-Algeria says oil price of $75 a barrel will allow for investment

(Adds Exxon Mobil talks)

TAMANRASSET, Algeria, April 24 (Reuters) - Algeria sees a fair oil price of $75 a barrel to allow for investments in the sector, the CEO of state firm Sonatrach said on Tuesday.

“It will allow us to invest in the business, it allows us to explore and renew our reserves. But it is very volatile and we hope that it will continue to be at $75,” Abdelmoumen Ould Kaddour told reporters in the city of Tamanrasset.

He also said Sonatrach staff will travel to the United States next week for talks with Exxon Mobil Corp executives to talk about a partnership.

“We have already met them three times, this will be the fourth (time). I am positive there will be a result soon,” he said, without giving details.

Kaddour said in March that the U.S. major was interested in working in the North African country. (Reporting by reporting by Lamine Chikhi and Ulf Laessing Editing by Robin Pomeroy)

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