January 14, 2019 / 2:31 PM / 5 days ago

Algeria eyes Exxon deal, trading JV in first half

FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Photo

ILLIZI, Algeria (Reuters) - Algeria will conclude its deal with Exxon Mobil Corp and set up a trade joint venture with an international company before the first half of 2019, Sonatrach’s CEO said on Monday.

“We are very optimistic and things are moving in the right direction so we will conclude with Exxon and have our trade JV,” Abdelmoumen Ould Kaddour told reporters.

He gave no further details. Sonatrach has previously said it wanted a shale gas cooperation with the U.S. major.

The state energy firm had also said before it was in talks with 14 international companies over a joint venture to trade oil and gas products after agreeing to buy its first overseas refinery.

Reporting by Lamine Chikhi; Editing by Ulf Laessing and Louise Heavens

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