SINOPEC International Energy Investment, a Chinese oil company represented by its subsidiary Soogl-Algeria, has expressed a strong interest in enhancing practical cooperation with Algeria in hydrocarbon exploitation, as well as broadening its investments in the oil, gas, and petrochemical sectors. This was stated by Wu Xiuli, the company’s official representative in Algeria.
“Our determination to expand our investments ‘without limits’ in Algeria’s oil, gas, and petrochemical sectors is an option reserved exclusively for us,” he declared on Tuesday during a working visit to Bechar province.
“Since the implementation of the hydrocarbon law, which opened the Algerian oil market to competition from foreign companies while offering them tax incentives, SINOPEC has shown its commitment to fostering genuine cooperation with Algeria,” he clarified.
The SINOPEC group, a state-owned enterprise in China’s energy and petrochemical sectors, ranks as the leading company in China and operates across six key regions, including Africa, the Middle East, North and South America, Asia, and Russia, totaling operations in 72 countries. It boasts advanced financial and technological resources, with reported revenues nearing $500 billion in 2023, he added.
Having established its presence in Algeria since 2004 through Soogl-Algeria, based in Illizi province, SINOPEC believes that “Algeria, with its considerable oil and gas potential, aims to cultivate a partnership founded on mutual benefits,” he indicated.
“In addition to the commercial aspect, SINOPEC Investment, due to its state-owned status, is motivated to forge a collaboration with Algeria that aligns with its capabilities, particularly reflecting the ambitions of the high political authorities of both friendly countries, China and Algeria. This cooperation elevated to a global strategic level during President Abdelmadjid Tebboune’s historic visit in June 2023,” Wu Xiuli emphasized.
Currently, SINOPEC operates in partnership with Sonatrach at the Zarzaitine field in Illizi Province under an association contract focused on the recovery and valorization of hydrocarbons from the field, according to the same source.
