SONATRACH and the Omani company Abraj Energy Services signed, today, a Term
Sheet with a view to create a Joint Company of oil services.
The signing ceremony took place at the Sheraton hotel, Club des Pins, in Algiers,
under the high patronage of the President of the Republic, Mister Abdelmadjid
TEBBOUNE and His Majesty the Sultan Haithem bin Tarik bin Taimur Al Saïd, Sultan
of the Oman Sultanate who is paying an official visit in Algeria.
The document was signed by the Chairman & Chief Executive Officer of
SONATRACH, Mister Rachid HACHICHI, and the Chairman and Chief Executive
Officer of Abraj Energy Services, Mister Saif Al HAMHAMI.
The signing of this Term Sheet which follows the Memorandum of Understanding
signed on 24 April 2024 by the two companies, rounds off the joint working group
created between both SONATRACH and ABRAJ, enabling the identification of
partnership opportunities and the setting up of a joint venture.
This document aims at outlining the main technical, legal, economic and commercial
conditions in order to evaluate the opportunities of feasibility for the creation of an
integrated oil services joint company in Algeria, operating notably, in drilling,
workover, well services and management of integrated projects, giving priority to the
Algerian market, while expanding its scope to international markets.
The signing of this document asserts both companies’ endeavor to expand their
strategic partnership and lift cooperation at a level which reflects the desire of the two
countries to strengthen their bilateral relationships and promote their exchanges in
vital sectors in the prospect of a sustainable development.
As a reminder, Abraj Energy Services is one of the leading companies in the
Sultanate of Oman in the sector of oil industry. Its activities are mainly focused on oil
and gas services.