You are currently viewing our desktop site, do you want to visit our Mobile web app instead?
 Registered users can save articles to their personal articles list. Login here or sign up here

Algeria to seek ‘good compromise’ over Total’s Anadarko deal – minister

Algerian energy minister confirms that Algiers would block Total’s acquisition.

Algeria’s energy minister said on Monday he would seek a “good compromise” when asked about his earlier comments that Algiers would block a plan by France’s Total to buy Anadarko’s Algerian assets.

Occidental Petroleum agreed to sell Anadarko Petroleum Corporation’s assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion if the US oil company succeeds in completing its plan to take over of Anadarko.

Algerian energy minister Mohamed Arkab said on Sunday that Algiers would block Total’s acquisition. Algeria remains wary of investments by firms from it former colonial occupier, although Total signed energy deals with the country in 2018.

“Sonatrach needs to maintain good ties with foreign partners to develop its programmes,” Arkab told reporters, adding that state-owned Sonatrach would “preserve its interests.”

“Sonatrach will seek a good compromise,” he said about the acquisition, speaking during a visit to Tindouf gas field, 1 700 km south west of Algiers. He did not elaborate.

Anadarko holdings in Algeria represent about 260 000 barrels per day (bpd) of oil, more than 25% of the country’s crude production estimated at 1 million bpd.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

SHOP NEWSLETTERS TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: