Minister of Petroleum and Mineral Resources Tarek El Molla signed a memorandum of understanding (MoU) with Mohamed Arkab, Algerian Minister of Energy and Mines, to boost cooperation between Egypt and Algeria in the fields of oil, gas, and mines, the ministry said in a statement.

The MoU included enhancing cooperation in the marketing of petroleum products, especially butane, identifying opportunities for cooperation in the field of research, exploration and production of oil and gas. This is in addition to cooperating in studying the establishment of a joint corporation comprised of specialized companies from both sides to work in the implementation of studies, engineering works as well as project execution and management in both countries.

The two parties also agreed to form a joint working group to implement the cooperation activities mentioned in the MoU.

El Molla said that there are areas of cooperation between the two countries that can be applied gradually. He added that the two sides are working to translate them into executive steps, especially petrochemicals, fertilizers, phosphates and butane. The two countries also aim to explore the establishment of a company to work in the implementation of projects for the petroleum industry.

Meanwhile, Arkab stated that Algeria has successful cooperation with Egypt, which it is working to build on and invest in, pointing to the successes achieved by Egyptian companies on the Algerian side, including Petrojet, in cooperation with Sonatrach. He added that there are areas of cooperation that can be expedited, such as petrochemical projects.