ALGIERS (Reuters) - Sonatrach has signed a memorandum of understanding (MOU) with Russia’s Lukoil for talks on possible partnerships in production and exploration in the North African country, Algeria’s state energy firm said on Monday.
The agreement includes discussions on joint investment abroad, Sonatrach said in a statement.
Sonatrach has signed similar documents with other foreign companies including Exxon Mobil Corp in a bid to reverse a fall in output and exports in recent years due to a lack of foreign investment and growing domestic demand.
The government last year approved a new energy law offering attractive contract terms to foreign investors including tax incentives.
Reporting by Hamid Ould Ahmed; editing by Jason Neely