Algerian state-owned energy firm Sonatrach is considering possible investments in oil exploration and natural gas projects in Iraq, Iraqi Oil Ministry announced on January 7th, Reuters reported.
An Algerian delegation will meet with Iraqi energy companies “to achieve concrete steps toward sealing a cooperation agreement with Sonatrach,” Iraqi Oil Minister, Jabar al-Luaibi stated, highlighting projects to develop Iraq’s gas wealth, Oil Review Middle East informed.
Algerian Energy Minister, Mustapha Guitouni, pointed out his hopes of boosting the cooperation between the two countries in the fields of oil exploration and natural gas.
Iraq continues to flare a part of the gas extracted alongside crude oil at its fields because the country lacks required facilities to process it into fuel for local consumption or exports.
Meanwhile, Algeria is considered a major supplier of natural gas to Europe, as it exports gas via pipelines to Europe and ships it on tankers after liquefying the natural gas in special plants.