MOSCOW (MRC) -- 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, reported Reuters with reference to Sonatrach’s CEO.
"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 US 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.
As MRC wrote earlier, in October 2017, ExxonMobil Chemical Company commenced production on the first of two new 650,000 tons-per-year high-performance polyethylene (PE) lines at its plastics plant in Mont Belvieu, Texas. The full project, part of the company’s multi-billion dollar expansion project in the Baytown area and ExxonMobil’s broader Growing the Gulf expansion initiative, will increase the plant’s polyethylene capacity by approximately 1.3 million tons per year. The Mont Belvieu plant capacity will total more than 2.5 million tons per year, making it one of the largest polyethylene plants in the world.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
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