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, was quoted by Reuters to have 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.